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Human Resources & Employee Development
Retiree Billing Policy
Retirees, employees on leave status, and COBRA participants are continued on the institution's benefit programs upon request and are required to remit premiums for coverage on a monthly basis. These premiums are billed at the close of each month. However, premiums are paid in advance, no later than the 10th of each month.
Monthly billings for coverage are prepared by payroll as part of the month-end closing and are forwarded to the insurance department for review and mailing to participants. Each participant's account will reflect a zero balance if it is in current status. The insurance department will review the account status of each participant, the monthly entries for premium billings and payments, and make the necessary adjustments to correct account balances. Delinquent accounts will be reviewed and participants contacted regarding outstanding balances.
Where appropriate, coverage may be cancelled based on non-payment of premiums or other qualifying circumstances. Participants will be notified when coverage is to be terminated.
PROCEDURE
Retiree accounts will be reviewed on a monthly basis for accuracy of billing, payment receipting, and coverage elected.
Reductions in retiree life insurance coverage will be posted to the individual enrollment card based on the effective date of such change. Life deductions may be at the retiree's request, or based on the attainment of an age specified by the policy.
Premium receivable balances should be reviewed and retirees notified in writing or by telephone when their account is 60-days delinquent. Accounts exceeding more than a 60-day period of delinquency will be brought to the attention of the Director of Human Resources and Employee Development. Premiums are due through the end of the period covered.
Cancellation of retiree's insurance will be a last resort and shall only occur in those situations where the retiree has been contacted and fails to remit the outstanding balance and/or requests cancellation of coverage in writing. Such cancellation can occur only with the approval of the Director of Human Resources and Employee Development. To see a copy of a bill click here.
To see a copy of Board of Regents Business Procedures Manual 5.1.5 COBRA and Retiree Billing click here.
Updated: 10/11/05