• Benefits
• Jobs
• Find it A-Z

MIT Employee Benefits

Eligibility

You are eligible for one of MIT's Retiree Medical Plans and the MIT comprehensive prescription drug coverage if you are retired and age 65 or older. MORE 

Next steps

1. Confirm your eligibility.
2. Understand your options.
3. Enroll in coverage.

Details

Benefits of an MIT Medicare Supplement Plan

When you have retired from the Institute and reach age 65, Medicare Parts A and B become your primary coverage for hospitalization and medical care. Although it pays for much of the care you receive during retirement, Medicare typically does not cover all your medical expenses. To help you fill the gap, MIT offers several Medicare supplement health plans that are designed to cover most of the eligible expenses that Medicare does not pay.

The Medicare Supplemental Plans Comparison Chart (PDF) outlines the key features of each of the plans so that you can determine whether an MIT Medicare supplement plan is right for you.

Who is eligible

• You have retired from the Institute and are at least age 65.
• You qualify for grandfathered eligibility if you were eligible for retiree health insurance benefits on July 1, 1995.
• You must have been at least 65 on that date—or 55 with at least 10 years of service.
• If you qualify for grandfathered eligibility, MIT pays the full cost of Blue Cross Blue Shield's MEDEX Supplement and subsidizes other Medicare supplement plans up to the cost of MEDEX.

Understand your options

When Medicare becomes your primary health plan, you must make a choice about your prescription drug coverage. You have the option of enrolling in either Medicare prescription drug coverage (also known as Medicare Part D) or continuing to use MIT's comprehensive prescription drug coverage. You are not allowed to have prescription drug coverage from both Medicare and MIT.

Continuing your MIT coverage

MIT offers what is known as creditable prescription drug coverage. This means that the prescription drug coverage the Institute provides is likely to reimburse you as much or more than the standard Medicare Part D plan. Your prescription drugs will usually cost less under MIT's coverage than they would under a Medicare plan. Your prescription coverage is included as part of the monthly Medex rate.

If you enroll in Medicare Part D

Medicare has appointed a number of private insurance companies to offer Medicare Part D prescription drug plans. Each of these companies provides at least one plan that meets Medicare's minimum standard level of coverage. Some companies may also offer more expensive plans that provide greater coverage. You should know that if you enroll in Medicare Part D coverage,

• you will lose your MIT comprehensive prescription drug coverage through MIT and your Medex rate will remain the same
• you will have to pay monthly premiums to Medicare in addition to payments you are making for any MIT health coverage you may have
• you may switch your coverage back to MIT only during MIT's annual Open Enrollment period, which takes place in the fall

Change in your Medicaid coverage

If you experience a change in your eligibility for Medicare coverage, you have 60 days to reevaluate your health care options and make changes as necessary. Learn more.