Comprehensive Guide for Benefits for UNC-Chapel Hill Retirees

Retiring employees of the University of North Carolina at Chapel Hill can access certain benefits through diverse programs. Retirees looking to understand healthcare and retirement options should consult with their Benefits Consultant for tailored advice. The 70/30 Plan, available to retirees, provides coverage including deductibles and coinsurance, often minimizing out-of-pocket costs for high-priced prescriptions. Retirees can cover eligible dependents, though they must absorb any dependent coverage costs.

During the annual open enrollment period each October, retirees, including those in the Optional Retirement Program (ORP), can adjust their health plan coverage through the State Retirement System's ORBIT website. It is crucial for retirees to collaborate with their Benefits Consultant at UNC-Chapel Hill to complete retirement procedures promptly and accurately.

Medicare-eligible retirees should begin their retirement process at least 120 days in advance if enrolled in TSERS, or 90 days for ORP participants. This allows for potential auto-enrollment into the State’s Medicare Advantage Base Plan, contingent on active Medicare Part B coverage as of the retirement date. The State Health Plan processes claims based on Medicare Part B enrollment; delays default retirees to the 70/30 Plan. To confirm health insurance plans and add eligible dependents, retirees should contact the State Enrollment Center at 855-859-0966 during their initial retirement week.

To avoid any penalties for delayed Medicare Part B enrollment, the UNC-Chapel Hill Benefits team assists with necessary documentation. Retirees pay a monthly Medicare Part B premium, which can be deducted from Social Security benefits if applicable. Retirees are advised to utilize this guidance to ensure a seamless transition.

Benefit continuations include options through NCFlex and Securian, facilitating the conversion of existing coverage to individual policies upon retirement. Retirees have a time-sensitive window post-retirement to enact this change. Dental and vision plans are accessible through the State Retirement System, with specific details available at ncretiree.com. Additionally, COBRA options are offered to maintain dental, vision, and healthcare spending accounts for up to 18 months.

Retirement benefits, as well as pre-tax contributions and related income, are taxed as ordinary income at both state and federal levels upon distribution. For retirees seeking comprehensive assistance, UNC's Office of Human Resources offers detailed guidance and support to navigate these options effectively.