Medical costs continue to rise at an average rate of 5.8% per year, as 2020 gets underway managing these healthcare costs continues to be a priority.

The Kaiser Family Foundation published an employer survey that looked at both premiums and other out-of-pocket costs indicating that families on a large employer group plan paid 67% more for their health benefits and care in 2018 than a decade earlier. Single employees paid an average of $6,000 in annual premiums and the employer covered the other $14,000 in 2019.

Top-performing companies like yours have worked diligently to provide 1st class benefits while balancing their budgets. Things like:

• HSA, FSA, and HRA plans
• Adding integrated wellness/ well-being programs and plans with value-based design
• Shifting /sharing costs with increased premiums, copays, or coinsurance
• Incorporating stop-loss coverage for self-insured plans

Benefits like these are great for your general workforce… but what about those that are over 65?

Increasing Over-65 Workforce

The US Census tells us that approximately 20% of the total workforce is 65 or older, and this number is on the rise. There is a major cost-saving opportunity most folks miss. Any ideas?

MEDICARE! For folks over the age of 65 that are still working, more often than not they choose to stay on their employer group plans simply because it’s “easy.” But what if you Medicare was even easier and cheaper? Ever considered a Medicare transition campaign?

Medicare’s Cost Averages

 Let’s just talk averages here. There are 37 Medicare advantage plans in Arizona that are offered with a $0 premium above the $144.60 to Medicare. These plans not only cost less than the average employer plan but cap their medical max-out-of-pocket at an average of $3,500! What about Medicare supplements? Medicare eligibles could pick one of those up for an average premium of $120/mo above the $144.60 to Medicare and cap their medical max out of pocket at $198 (annually).

Medicare Total Rewards

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