Insurance

Many retirees continue to choose their group insurance coverage into retirement. Continuing insurance coverage after retirement is a big concern for most of our members who are planning for retirement. We have provided general information below on how your retirement benefits and insurance coverage work together. For more information contact your employer’s insurance coordinator, OPEH&W or the Employees Group Insurance Division (EGID).

The following information is only for those retiring immediately after terminating employment. If you are terminating employment and will not immediately receive OPERS retirement benefits, contact your employer’s insurance coordinator, OPEH&W or EGID for more information.

Frequently Asked Questions

Can I continue my insurance coverage with EGID during retirement?

Yes, provided the necessary paperwork is properly completed and timely submitted to EGID.

Will OPERS help pay for the cost?

OPERS will contribute up to $105 toward an eligible retiree’s health insurance premium each month. This is for the retiree ONLY and not for dependents. OPERS will not continue to contribute up to $105 if the member does not continue coverage with EGID.

How much does it cost to continue my insurance coverage?

EGID publishes premium rates on their website in PDF format. NOTE: These premiums do NOT reflect the $105 contribution from OPERS and are subject to change year to year).

What do I need to do to continue my insurance coverage with EGID?

There are just a few steps to take to continue your insurance coverage with EGID. See below.

Do I have to keep my insurance coverage with EGID during retirement?

No. However, if you do not continue health insurance coverage with EGID, OPERS will not pay the $105 contribution.

Can I have my insurance premiums deducted from my retirement benefit payment?

You will have the option to deduct insurance premiums from your benefit payment or have EGID direct bill you for monthly premiums. You will select your premium payment option when completing the insurance forms. Your retirement benefit must cover your premiums to elect the option for retirement check deduction. Insurance premiums will be deducted post tax withholding.

What if my insurance premiums are more than my retirement check?

You must be billed directly each month. For more information on payment options and due dates, contact EGID before you retire.

Can I keep my group insurance if I am not retiring?

You are eligible to keep your group insurance if you are eligible to vest your retirement with OPERS and continue to pay the insurance premiums. Contact EGID before you separate employment.

Keeping my group insurance in retirement

In order to continue your insurance coverage during your retirement complete these steps:

1. At least 90 days prior to your retirement date, contact your employer’s insurance coordinator. Ask for the required forms to continue your insurance coverage into retirement. Carefully complete the form(s) with your insurance coordinator. Contact EGID if you have any questions.

2. You or your insurance coordinator must submit your insurance forms to EGID no later than 30 days prior to your retirement date.

3. If you retain health insurance with EGID and your premium is greater than $105 dollars per month, the difference can be deducted from your OPERS monthly retirement benefit. You can make this election when completing the insurance forms. During your retirement EGID will communicate with OPERS how much to deduct for insurance from your monthly benefit. The deduction will occur automatically. Any corrections that need to be made to your insurance premium deduction will be made through EGID.

4. Your OPERS Retirement Application must be completed by you and your retirement coordinator and accepted by OPERS at least 60 days prior to your retirement date.