Yes, it is. The reason why is that your health insurance premiums reduce your taxable income during the year that you were still working. If you still worked there in 2019, they would have adjusted your wages for 2019 to show the amount that should have been taxed in the first place.
So, from the company's point of view, they took a deduction on behalf of their insured employees in 2018. In 2019, the insurance company refunded part of the premiums. The refund is distributed to the employees and increases their wages in the year it is received.
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