Emeriti Retirement Health Solutions is a consortium of higher education institutions and related nonprofit organizations that have partnered with TIAA-CREF, Aetna Life Insurance Company and Savitz to provide a program of health care benefits in retirement for employees of member institutions, such as HMC.
Key Features of the Emeriti Retirement Health Solutions Program
- A tax-advantaged way to invest and accumulate assets to help meet medical expenses in retirement — the Emeriti Health Accounts using the services of TIAA-CREF..
- A specially designed health insurance program for retirees and their dependents that complements Medicare — The Emeriti Health Insurance Plan Options underwritten by Aetna Life Insurance Company.
- An innovative tax-free way to pay for other qualified out-of-pocket medical expenses in retirement – the Emeriti Reimbursement Benefit, administered by Savitz. (a third-party administrator).
The college provides a monthly contribution to an employee’s account at TIAA-CREF. The contribution, earnings on accumulations and payout for qualified medical expenses in retirement are tax-free.
Employees may make voluntary after tax contributions to their account at TIAA-CREF as well. Investment earnings on accumulations of employee contributions and payout for qualified medical expense in retirement are also tax free.
Employees who retire or otherwise leave HMC after age 55 and with five years of continuous service and who enroll in Medicare parts A&B are eligible to enroll in Emeriti Health Insurance Plans which are underwritten by Aetna and available nationally.
Both employer and employee accumulations may be used in retirement to reimburse the retiree for qualified medical expenses. Savitz administers this part of the Program.
* requires HMC Google Account for access
- Emeriti Plan Highlights (PDF)
- Retirement Planning Information Campus Presentation (November 2012)
- Emeriti Summary Plan Description (PDF)*
- Emeriti Summary Annual Report (PDF)*