A Key Concern for Depew Teachers: Health Insurance in Retirement

One of the biggest challenges Depew teachers face when retiring is securing health insurance coverage.

As you plan for retirement, you have two primary options:

1. Health Insurance Coverage:
   • You can enroll in Independent Health’s plan, which provides coverage for you only (not your family) until you turn 65.
     • As of 2025, the value of this benefit is about $700 a month until you turn age 65.
   • This option is ideal for teachers with limited accrued sick days at retirement.   
2. Sick Day Retirement Incentive:  
   • You receive $13,440 for every 30 sick days you have at retirement (capped at 420 or 240 sick days depending on if you were hired prior to 7/1/2015).  
   • Most retirees choose this option as it is a better option for teachers with a lot of sick days at retirement.
   • With this incentive, you can select from of the following coverage options:

Available Health Insurance Options

1. Continuing Coverage Through Depew
   • You have the option to continue your current health plan by paying out-of-pocket.·  
     • Payment is made monthly directly to Depew via check.
   • In 2025, the cost for coverage through Depew was:
     • About $700 per month for single coverage
     • $1,915 per month for family coverage
   • Only single or family coverage is available. If you and your spouse require insurance, but do not need full family coverage, you may find more affordable options elsewhere.
2. NYS Insurance Exchange
   • Estimated 2025 costs for a comparable plan (platinum level) to Depew’s coverage:
     • $1,246 per month for a single plan
     • $2,493 per month for a couple’s plan
     • $3,553 per month for a family plan
   • As you can see it is cheaper to buy from Depew then the NYS Insurance Exchange.
3. Coverage Through a Spouse’s Employer
   • If your spouse is still working, enrolling in their employer-sponsored health insurance plan may be a cost-effective option.
   • This is especially beneficial if their employer subsidizes a portion of the premium.
4. Medicare (For Retirees Aged 65 and Older)
   • Once you reach age 65, Medicare becomes the best and most affordable health insurance option available. 

Final Considerations

Choosing the right health insurance plan after retirement depends on your specific situation, including your available sick day balance, marital status, and financial preferences. Be sure to compare costs and benefits to determine the most suitable option for you and your family.