Planning Your Health Care in Retirement
As you approach retirement, it's crucial to have a solid understanding of your health care options. Nova Southeastern University is committed to supporting your well-being, even after you leave the workforce. This page provides essential information about your health care coverage options, including Medicare, COBRA, and supplemental plans. We'll guide you through the complexities of retirement health care, ensuring you make informed decisions that protect your health and financial security.
Medicare
Medicare is a federal health insurance program primarily for people aged 65 and older. (You may qualify earlier if you have a disability or certain medical conditions.) It offers coverage for a variety of medical expenses, including hospital stays, doctor visits, and prescription drugs.
For detailed information and personalized guidance, visit the official Medicare website at Medicare.gov. You can also consult with a health care adviser or a Social Security representative to discuss your specific needs and options.
Additional Health Care Options for Retirees
Note: Beginning April 1, 2024, ICUBA has decided to terminate their ICUBA Retiree plan and only offer the following options:
AmWINS Supplemental Medicare Plan
As you approach retirement, you may be eligible for an ICUBA Medicare Supplemental Plan from AmWINS, which can help offset additional health care costs. The program is available to NSU retirees and their spouses, who are age 65 or older, no longer working, and are enrolled in Medicare Parts A and B. To ensure seamless coverage, please initiate your Medicare Part A & B enrollment with the Social Security Administration well in advance, as this process can take up to 60 days. (Visit ssa.gov)
Your enrollment also gives you access to the Manage My Health program. This comprehensive wellness program offers a range of benefits, including 24/7 doctor access, hearing aid discounts, and counseling services.
COBRA
When you retire from NSU, you may be eligible to continue your existing health benefits under the the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA is a federal law allowing temporary continuation of employer-sponsored health insurance after certain qualifying events, including retirement.
Here's what you need to know about COBRA:
- Eligibility: You will be automatically notified of your COBRA eligibility within 14 days of your last day of employment.
- Coverage Duration: If eligible, you can choose to continue your NSU health benefits for up to 18 months under COBRA.
- Premiums: You will be responsible for paying the full premium cost, which can be up to 102% of the regular group rate.
Important Note: COBRA continuation is retroactive from your eligibility date, but not seamless. A gap in coverage might occur until your first premium payment is received.
For COBRA questions, please contact the ICUBA COBRA Administrator at 1-866-377-5102 (option 1).
AMERIFLEXICUBA COBRA
P.O. Box 2079
Omaha, NE 68103-2079
Get Assistance from SHINE
The Serving Health Insurance Needs of Elders (SHINE) program provides free, confidential, and unbiased counseling to help you navigate Medicare, Medicaid, and health insurance options. This service is offered through the Florida Department of Elder Affairs.
Local Contact:
Phone: (954) 745-9779
Website: floridashine.org
National Contact:
Phone: 1-800-963-5337 TDD/TTY: 1-800-955-8770
Email: information@elderaffairs.org
Keep in Mind
Most of your benefits will end at midnight on the last day of the month during which the termination occurs. You will be billed for the full month's premiums. Income Protection coverage (basic and voluntary life/AD&D, disability) ends on the date of termination.