Human Resources | Benefits | Retiree Benefits - 65+ Retirees
Retiree Benefits - 65+ Retirees
The University of New Mexico offers eligible 65+ retirees the
following benefits in addition to retirement benefits available under
the ERA Defined Benefit plan or the Alternative Retirement Plan. To
access these benefits, a potential retiree must meet the criteria of University
Business Policy 3600, Section 2.3
Medical Benefits for 65+ Retirees
Retirees who are going to be 65+ at the time of retirement should
coordinate enrollment onto Part B of Medicare with Retirement Services.
Upon receipt of the Medicare card showing part A and part B, a retiree
can schedule an appointment with Retirement Services to enroll in a
UNM-sponsored Medicare plan. All 65+ retirees are responsible for paying
57% of the total premium for all benefits elected into retirement
covering themselves and any eligible dependents.
Medical Insurance Carriers
The University of New Mexico offers the following Medicare plans to
qualified retirees over the age of 65:
- Lovelace Senior Plan
- Presbyterian Senior Plan
- United Healthcare Medicare Prescription Drug Plan
- AARP Preferred Medicare Supplement Plan
Medical Insurance Rates
The rates for the UNM Medicare plans are outlined in the annual 65+
Open Enrollment guide below:
Dental Benefits for 65+ Retirees
Retirees who are 65+ retain the same dental plan as when they were
under 65, but the percentage of contribution toward total premium is
higher. All 65+ retirees are responsible for paying 57% of the total
premium for all benefits elected into retirement covering themselves and
any eligible dependents, including Dental coverage.
The Delta Dental program is a nation-wide insurance company. You may
utilize any dental provider outside of NM that is contracted with Delta
Dental. When using a provider outside of NM, the provider should contact
the NM Delta Dental office to confirm your coverage and the claims must
be submitted by the provider to the NM Delta Dental Office. Contact the
Delta Dental office when accessing services outside of NM to insure
proper coordination and processing of claims.
Dental Insurance Rates
The rates for the 65+ Dental Rates are outlined in the annual 65+
Open Enrollment guide below:
65+ Retiree Life Insurance Benefits
UNM Offers term life insurance through Standard Insurance Company. In
order to retire with life insurance benefits from UNM, an employee must
be enrolled in the life insurance benefit for one year immediately prior
to retirement. The amount of coverage available at 65 is a fixed
coverage amount. UNM contributes 43% toward the total cost of premiums
for Basic coverage. Supplemental Life insurance is 100% paid by the
retiree.
Basic Coverage Available to the 65+Retiree
The basic life insurance benefit for 65+ retirees is $4000.00.
Additional Coverage Available to the 65+Retiree
Additional life insurance, or or "tiers" of coverage beyond the basic
coverage are available to UNM retirees. Additional life insurance is 100%
paid by the retiree. Tier 1 and Tier 2 levels offer an additional $2000
in coverage to a maximum total coverage under both Basic and
Supplemental coverage of $10,000.
Calculation of Premiums for 65+ Life Insurance coverage
The premium charged for Standard Life Insurance for 65+ retirees is
calculated by the following formula:
Standard Premium per unit x level of coverage/1000 x retiree
% of contribution
Premiums for 65+ Life Insurance coverage
- Basic: 1.78 x $4000 coverage/1000 x
57% = $4.06 Basic
- Tier 1: 1.97 x $2000 coverage/1000 x 100% = $3.94
Supplemental Premium
- Tier 2: 1.97 x $6000 coverage/1000 x 100% = $11.82
Supplemental Premium
Cancellation of coverage
UNM Life Insurance can be cancelled anytime by contacting Standard
Life Insurance company at (800) 759-8702.
