When you have retired from the Institute and reach age 65, Medicare Parts A and B become your primary coverage for hospitalization and medical care.
Although it pays for much of the care you receive during retirement, Medicare typically does not cover all your medical expenses. To help you fill the gap, MIT offers several Medicare supplement health plans that are designed to cover most of the eligible expenses that Medicare does not pay.
The Medicare Supplemental Plans Comparison Chart (below) outlines the key features of each of the plans so that you can determine whether an MIT Medicare supplement plan is right for you.
Upon enrollment in one of MIT's Medicare Supplemental Plans, you will automatically be enrolled in the Medicare Part D Prescription Drug Plan sponsored by MIT.
You are eligible for one of MIT's Retiree Medical Plans and the MIT comprehensive prescription drug coverage if:
- You have retired from the Institute and are at least age 65 and you have 10 or more years of retirement-plan-eligible service after age 45.
- You qualify for grandfathered eligibility if, on July 1, 1995, you were:
- retired from MIT and eligible for retiree health insurance benefits; or,
- actively employed by MIT and had attained at least age 65 on that date — or age 55 with at least 10 years of retirement-plan-eligible service.
- If you qualify for grandfathered eligibility, MIT pays the full cost of Blue Cross Blue Shield's MEDEX Supplement and subsidizes other Medicare supplement plans up to the cost of MEDEX.
Continuing your MIT coverage
MIT offers what is known as creditable prescription drug coverage. This means that the prescription drug coverage the Institute provides is likely to reimburse you as much or more than the standard Medicare Part D plan. Your prescription drugs will usually cost less under MIT's coverage than they would under a Medicare plan. Your prescription coverage is included as part of the monthly cost for your MIT Medicare Supplemental Plan.
Understand your options
When Medicare becomes your primary health plan, you must make a choice about your prescription drug coverage. You have the option of enrolling in either Medicare prescription drug coverage (also known as Medicare Part D) or continuing to use MIT's comprehensive prescription drug coverage. You are not allowed to have prescription drug coverage from both Medicare and MIT.
You may only enroll in one Medicare D plan
Certain private insurers who meet Medicare guidelines work with Medicare to provide seamless prescription drug coverage by administering both Medicare Part D and supplemental prescription drug coverage at the same time. Therefore, when you participate in the MIT Medicare Supplemental Plan, you may not enroll separately in Medicare Part D (the Plan Administrator will do this for you) nor are you able to enroll in any other group sponsored Medicare D plan. In short, the Federal Government does not permit you to enroll in two Medicare Part D Plans, therefore if you enroll in Medicare Part D separately or if you enroll in another group Medicare Part D Plan administered by a private insurance company both your medical and prescription drug coverage under the MIT Medicare Supplemental Plan will be terminated.
In addition, medical and prescription drug coverage under the MIT Medicare Supplemental Plan are bundled together. If you enroll in the MIT Medicare Supplemental Plan for medical coverage you must also enroll in the prescription drug coverage. You may not enroll in one without the other. Please note:
- Your total cost for coverage will be your retiree contribution for your MIT Medicare Supplemental Plan plus the cost of your Medicare Part B coverage.
- By law, some MIT plan participants may also need to pay an extra amount for Medicare Part D prescription drug coverage if their income is greater than $85,000 for a single tax-filer or greater than $170,000 for a joint tax-filer. If this affects you, you will receive a letter from the Social Security Administration with the amount and payment options.
You are permitted to switch your medical and prescription drug election annually during the annual Open Enrollment period, which takes place in the fall of each year and is effective the following January 1.
Changes in your coverage
If you experience a change in your eligibility for Medicare coverage, you have 60 days to reevaluate your health care options and make changes as necessary. Learn more.