Retiree Health Insurance Premium Benefit Program
As part of your benefits, the ASRS provides a health insurance premium benefit to supplement the cost of retiree health insurance. Retirees with five or more years of credited service who have health insurance through the ASRS or non-subsidized coverage through their ASRS employer are eligible for a monthly premium benefit, which is paid to the health insurer or your former employer. The Premium Benefit ranges from $75 to $260 per month, depending upon years of service and coverage selected. The Health Insurance Premium Benefit also applies to retirees participating in the ASRS health insurance plans from the Elected Officials’ Retirement Plan, Corrections Officer Retirement Plan and the Public Safety Personnel Retirement System. The Premium Benefit is not available with private or Federal Marketplace insurance plans.
Optional Health Insurance Premium Benefit Program
Effective January 1, 2004, a new ASRS retiree has a one-time opportunity at retirement to elect to receive a reduced premium benefit that, upon his or her death, may be continued to the retiree’s beneficiary. The optional premium benefit is designed for retirees whose spouse or dependents will want to continue with ASRS insurance upon the retiree’s death and want to continue receiving assistance paying for it. To determine the retirees reduced premium benefit amount you can use the online benefit estimator in your myASRS account or refer to the Calculating Your Premium Benefit page.
Certain restrictions apply:
- Optional Premium Benefit is only available to retirees who elect a Joint and Survivor or Term Certain annuity option.
- Not available with Straight Life Annuity.
- The Optional Premium Benefit reduction is based on the age of the retiree and the primary beneficiary. You can estimate your reduction by using the Online Benefit Estimator in your secure myASRS account.
- The beneficiary must either be participating or eligible to participate in the retiree’s health care program at the time of the retiree’s death.
- The reduced premium benefit will remain in effect as long as the beneficiary receives a monthly pension benefit and remains enrolled in an eligible health care plan.
- And, the retiree may cancel this election in writing at any time and be eligible for the unreduced premium benefit.
Frequently Asked Questions
How is the Premium Benefit disbursed?
Both my spouse and I are ASRS retirees, how can we maximize our premium benefit amount?
Does the Premium Benefit apply to Affordable Care Act or Private Insurance plans?
How do I determine my current health insurance out-of-pocket costs?
What if my monthly health insurance premiums exceed my monthly pension?
What happens if I fail to pay my insurance premium direct bill?
Basic Premium Benefit Amounts
Notes: The ASRS Premium Benefit is only available to reduce medical and dental premiums on qualifying plans. Your eligible Premium Benefit is applied to dental first, if applicable, with the remainder going toward medical premiums.
|WITHOUT MEDICARE||WITH MEDICARE A & B||COMBINATIONS|
|Retiree Only||Retiree & |
|Retiree Only||Retiree & |
|Retiree & Dependents One with Medicare, the other(s) without|
Retiree & Dependent with Medicare other dependents without
|Arizona State Retirement System (ASRS) Members|
|Elected Officials' Retirement Plan (EORP) Members|
|Corrections Officer Retirement Plan (CORP) Members|
|Public Safety Personnel Retirement System (PSPRS)|