Medicare@work

A blog about Medicare. What you and your employees need to know

Freedom to Choose

Author: Lora Drummond

Medicare Transition Specialist

Posted: 06/29/2020

 

  • Did you know that the choice of our national bird could have resulted in representation by a turkey instead of an eagle?
  • More people choose a hot dog over a burger at BBQs on the 4th of July?
  • America’s birthday could have been chosen as July 2, when the independence vote passed, rather than the day the declaration was dated, July 4? (Which is not even the actual signing date, Aug 2).

And…Did you know that turning 65 opens new freedom of choice for healthcare benefits?

For an employee…

Turning 65 and still working: Medicare should be an option to consider. It makes great sense to compare group plan costs and benefits to Medicare. If the math and your needs make sense to transition to Medicare and you are approaching eligible age for Medicare, you can move off your group plan.  A Certified Medicare Planner® should provide a blueprint of ALL the plan options in your area and important enrollment dates. That way you can compare your options to make a decision that meets your needs.

Past age 65 and planning retirement: If you are past age 65 and still working but considering retirement soon, consulting with a Medicare specialist like a Certified Medicare Planner® also makes good sense. During a free consultation, an advisor can review important questions about income, HSA contributions, and identify the important enrollment dates and documents you would need when you do leave your employer plan. Thoughtful planning lessens the likelihood of surprises or penalties later. We help you enjoy a smooth transition to your next chapter in retirement!

Medicare options: Group plans are created for a group of employees. But when you consider Medicare for your health benefit you open more options for benefit choices based on ‘your’ needs.

  • Any doctor/Any hospital – 95% of doctors participate in Medicare Supplement plans
  • There is no copay, deductible, or out of pocket max with Supplement plans (Must pay Part B deductible of $ 198)
  • There are many plans to choose from. There are currently 60 Medigap plans,  31 drug plans, and 56 Advantage plans available in Maricopa County alone. That’s a lot of choices!
  • Advantage plans offer networks but usually combine medical, drug plan, and other options similar to a group plan offering for little or no premium.

For an Employer…

Medicare in the benefits/exit packages:  Providing Medicare clearly as an option for an aging workforce creates a comfortable and compliant opportunity for employees to consider transitioning when they are eligible and still working. And when they are planning for retirement!. Employees can properly plan the medical benefit to choose because they have been given transparent options.

Medicare Education: Providing Medicare education and resources for guidance creates a transparent Medicare benefit opportunity. It’s positioned as the same clear option as group plans.

Medicare Transition Team:  Partnering with Medicare experts provides a comfortable and compliant source for employees to gain insight and guidance when considering Medicare and when leaving an employer. This limits errors in benefits management later and supports the benefit life-cycle from hiring to exiting with full benefit support. In the case of our clients, we create a relationship from transition to annual reviews with proactive outreach to ensure client needs are continuing to be met are each enrollment opportunity. Just like the support they had when actively working!

Personal support and a relationship: Your employees talk to a dedicated team of experts rather than navigating a government website alone or call center.

When there is an opportunity of choice, partner with Certified Medicare Planners®  for Medicare transition because they will provide employees with fiduciary support and: 

  • There is no fee for their services
  • Provide non-bias guidance
  • Carrier-agnostic analytic processes for providing all Medicare options in a particular market
  • Educational workshops on the basics of Medicare for both HR teams and employees

 

Create a compliant Medicare benefit support plan.

Give your employees personal guidance from a team of experts that will follow them after they retire.

Freedom
By adding Medicare education to your benefits package you are adding unrealized total rewards and providing more choices for your employees. Having a Medicare transition team creates confidence in your ability to compliantly educate and transition eligible employees to Medicare while reducing costs for your employees and boosting your bottom line.

Ready to get started?
Check out our blog weekly for new resources, and helpful tips and tricks to build your Medicare transition strategy.

Your Medicare Transition Partner
– Lora

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