Subject to the guidelines as specified in the Faculty Agreement, some retirees are eligible for continued health insurance benefits until their eligibility for Medicare. There will be two parts to the plan: The PPO Blue Qualified High Deductible Health Plan (QHDHP) and a Health Savings Account (HSA) or Health Reimbursement Account (HRA).
Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs) are accounts that can be established for those who are enrolled in a Qualified High Deductible Health Plan (QHDHP) as determined by the IRS. Both the employer and the qualified retiree can contribute to an HSA, while only the employer can contribute to an HRA. Penn College contributions to a retiree’s HSA or HRA are subject to the provisions within the Faculty Agreement and are based on years of service.