Faculty Voluntary Separation Program Healthcare, Medicare, and Social Security
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Healthcare
Faculty Voluntary Separation Plan
For eligible employees enrolled in the University’s medical insurance plan as of April 8, 2021, and who are not eligible for Medicare, can elect one of the following:
- An additional one-time taxable payment of $10,000 to help defray the cost of medical expenses, processed in the same final payroll as the eligible employee’s first payment according to the above applicable schedule based on his or her exit date; or
- Participants interested in continuing to receive healthcare coverage for themselves and/or current eligible dependents under one of the current Wright State plans (PPO 80/20, HDHP, dental and vision)1, the university will pay the employer share the COBRA premium for 18 months beginning with the month following the participant’s exit date. Enrollees must pay the active employee portion of the COBRA healthcare costs during the 18-month period. COBRA rates sponsored by the University are subject to change annually.
Your current WSU healthcare coverage will terminate on your separation date. COBRA coverage, if elected, will be reinstated to the following day of your separation once the COBRA administrator, Chard Snyder, has received your enrollment form and premium payment.
1Healthcare plans and COBRA premiums are subject to change annually.
Enhanced Appendix J
For eligible employees enrolled in the University’s medical insurance plan as of April 8, 2021, and who will not be eligible for Medicare upon their Retirement Date, either:
- An additional one-time taxable payment of $10,000 to help defray the cost of medical expenses, processed in the same final payroll as the eligible employee’s first payment according to the above applicable schedule based on his or her exit date; or
- Participants interested in continuing to receive healthcare coverage for themselves and/or current eligible dependents under one of the current Wright State plans (PPO 80/20, HDHP, dental and vision)1, the university will pay the employer share the COBRA premium for 18 months beginning with the month following the participant’s exit date. Enrollees must pay the active employee portion of the COBRA healthcare costs during the 18-month period. COBRA rates sponsored by the University are subject to change annually.
Your current WSU healthcare coverage will terminate on your separation date. COBRA coverage, if elected, will be reinstated to the first day of your retirement once the COBRA administrator, Chard Snyder, has received your enrollment form and premium payment.
1Healthcare plans and COBRA premiums are subject to change annually.
This information provides you with details of this program available from Wright State University. More complete information about the offer can be found in the official plan documents. If there are any differences between this information and the official plan documents, the official plan documents shall govern.
Medicare
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (ESRD).
Please contact Social Security to discuss the various Medicare options:
- Medicare Part A - Hospital Insurance
- Medicare Part B - Medical Insurance
- Medicare Part C - Medicare Advantage Plans
- Medicare Part D - Prescription Drug Coverage
If approaching age 65, you should sign up for Medicare three months before reaching age 65.
If age 65 or older and previously waived Medicare coverage, please contact Social Security to initiate your enrollment.
Social Security
Social Security benefits, if applicable, are in addition to your university benefits and provide you with another source of retirement income. You can begin receiving reduced benefits as early as age 62. The earliest age at which you may be eligible to receive an unreduced Social Security benefit varies depending on your year of birth, as shown in the following table:
|
Year of Birth* |
Full Benefit Retirement Age |
|---|---|
|
1943 – 1954 |
66 |
|
1955 |
66 and 2 months |
|
1956 |
66 and 4 months |
|
1957 |
66 and 6 months |
|
1958 |
66 and 8 months |
|
1959 |
66 and 10 months |
|
1960 and later |
67 |
*If you were born on January 1 of any year, refer to the previous year.
If you have any questions about Medicare or Social Security, please contact the Social Security Administration at www.ssa.gov or call (800) 772-1213.
