PEARSON PREMIUM REIMBURSEMENT PLAN FACT SHEET
The Pearson Premium Reimbursement Plan provides reimbursement to retired employees and eligible family members who have purchased individual private medical and/or prescription insurance coverage. To be eligible for the plan you must be at least age 55 with 10 or more years of service when you leave Pearson, or by December 31, 2014, whichever is earlier. Premiums are reimbursed up to $100.00 per month for each covered member, up to a family maximum of $300 per month.
Under the Premium Reimbursement Plan, you are able to:
- Purchase private medical/prescription coverage from a provider of your choice
- Enroll yourself, your spouse or eligible same-sex domestic partner and eligible dependent children. You must enroll family members at the time you enroll — no future enrollment is permitted
- Receive up to $100 a month per covered member, up to a maximum of $300 per family*
*Maximum reimbursement allowable for dependent children is $100.00 per month regardless of how many dependent children are enrolled.
Only premiums for individual, private medical and/or prescription insurance policies are eligible for reimbursement. Some plans that are not eligible:
- Spouse or same-sex domestic partner employer group plans
- Other group plan coverage including, but not limited to, COBRA, veteran plans, federal government employee plans, union sponsored plans, etc.
To receive reimbursement under the plan:
- Submit your coverage documentation and proof of payment (see below) quarterly within 30 days after the calendar quarter (i.e., reimbursement for January through March must be received no later than April 30th)
- Reimbursements will be made within 60 days from the end of the quarter
- No reimbursement will be paid in advance of the coverage period
- The documentation must show:
- Covered Member(s)
- Coverage period(s)
- Premium amounts, and
- Proof of payment (e.g. invoices, cancelled checks, itemized statement from provider)
Reimbursements will be equal to the premium amount, but will not exceed $100 per person per month. Premiums for family members cannot be combined to reach the $100 per person maximum.
- For example, if your premium is $100 per month and your spouse’s premium is $200 per month, your monthly reimbursement would be $200. However, if your premium is $50 per month and your spouse’s premium is $200 per month, your total reimbursement would be $150 per month.
Your account will be closed if no reimbursement requests have been submitted within a 12 month period.
Pearson reserves the right to modify or terminate this program at any time.