A blog about Medicare. What you and your employees need to know
Justify – A Stay or Go Analysis
Author: Lora Drummond
Medicare Transition Specialist
Solution #5- Justify – A Stay or Go Analysis™
As your employees hit the magical age of 65, they may or may not decide to trade in their timecard for a full time golf club. Medicare, however, will be a subject on their minds either way. What factors help employees decide when to enroll? As their trusted benefits advisors during their active working years, HR partners will likely be the first resource for what to do about Medicare; if they need to enroll or how to enroll. We have a tool that can help employees justify transitioning to Medicare to help them plan.
Retiring? If they decide to retire, employees will resource you on how to transition to Medicare. If desired, you have a partner for these discussions with a referral to one of our Certified Medicare Planners® or an educational opportunity to attend one of our Medicare basics workshops. Your retiring employee will feel more confident about their Medicare decisions if they can learn about and understand Medicare before making thier decisions… and thank you for providing dedicated resources!
Keep working? For employees continuing to work past age 65, Medicare is a good topic for discussion also. Sometimes it makes sense to transition to Medicare while still working when the costs are analyzed. Depending on your firm’s size and whether the medical benefits are creditable, it also makes sense to transition to Medicare for an employee who is eligible for Medicare. We can help guide these discussions also. Or you can assist them with this analysis using a tool we have to help them compare thier current benefit to Medicare.
Stay or Go Analysis™
We have a tool that helps employees justify a decision to enroll in Medicare while working. Usually, employees want help in comparing the costs they are paying now to Medicare. The tool allows them to see the math when comparing their current plan and Medicare to help them decide if transitioning while still working makes sense. For employees who are curious about their options, you have a tool to help them.
Our Stay or Go Analysis™ tool can be accessed on our website and takes three essential numbers from a current group plan to compare the math. By inputting max out of pocket, premium, and deductible, we can compare costs to Medicare. The tool provides best and worse case scenarios for expenses. It’ll either show that staying on an employee group plan is the right choice or changing to Medicare is the right choice! The final decision lies with the employee.
As fiduciaries, either answer is good news for us! If the numbers say to STAY then, that’s what we’ll recommend. Remember, folks can stay on an employee group plan without penalty if it’s creditable to Medicare. But if the math shows cost savings in moving to Medicare, we can help with that transition.
Learn more about this helpful tool from the host of our 65 and Counting Talk Show on a recent episode.
Solution #5 – Justify
Employees have a choice about their healthcare when they turn 65. Support their inquiries about Medicare by sharing a tool with them that provides the comparison they need to justify transitioning to Medicare as a benefit to replace their group plan while still working. There are unrealized benefits to both employer and employee if it makes sense to transition while still working.
Unsure how to communicate the benefits of Medicare? We are happy to provide complimentary guidance and education to your employees.
Ready for a consultation on what we can do to help your employees? Click or call me.
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