Health Insurance Credit Increases for Some on July 1
The health insurance credit increases for retired constitutional officers, their employees and state employees, effective July 1.
For constitutional officers and employees:
- Raises the monthly health insurance credit amount from $1.50 to $1.75 per year of creditable service (not to exceed $52.50 per month) for retired constitutional officers and their employees who have at least 15 years of creditable service.
- Increases the monthly health insurance credit to $52.50 per month for constitutional officers or constitutional officers’ employees who retired on disability or are receiving the health insurance credit on long-term disability.
For state employees:
- Raises the monthly health insurance credit amount from $4 to $4.25 per year of service with no monthly cap for retired state employees who have at least 15 years of creditable service.
- Increases the monthly health insurance credit for state employees who retired on disability or are receiving the health insurance credit on long-term disability from $4 per year of service to $4.25, or $120 per month, whichever is greater.
If you are currently receiving the credit, the increase will automatically be added to your August benefit payment.
The health insurance credit assists with the cost of health insurance premiums. It is a dollar amount set by the General Assembly for each year of service and is added to your monthly retirement benefit. It ends upon your death and cannot exceed the amount of your individual health insurance premium.
Visit Health Insurance Credit to see eligibility requirements, qualifying health plans and instructions on applying for the credit or reporting health insurance coverage changes.
NOTE:
The Health Insurance Credit Dollar Amounts chart on the VRS website will be updated July 1 when the increases take effect.
