Any retired member of the municipal employees retirement system with a pension sufficient to pay premiums is entitled to purchase individual health insurance benefits out of the retiree’s pension payroll, as long as the health insurance is from a company either subject to chapters 19 and 20 of title 27, or licensed pursuant to chapter 41 of Title 27. If the municipal retiree desires, the retiree is also permitted to purchase coverage for his or her dependents. In any case, it is the responsibility of the retiree to obtain health insurance and present proof of insurance to the retirement system, which shall establish rules and regulations that are reasonably necessary to carry out this section of law. Retirees purchasing health insurance under this section shall pay the full cost for health insurance.