A blog about Medicare. What you and your employees need to know
To Stay or Not To Stay, That is the Question
Author: Lora Drummond
Medicare Transition Specialist
To Stay or Not to Stay, That is the Question
Fall is a popular time of year for company benefits annual enrollment activities. Employees look forward to this period because they can review benefit offerings for the coming year and seize the opportunity to make changes to their benefits plan. HR teams have likely worked tirelessly reviewing and creating plan offerings both to manage budget allowances and coverage choices to please employees. It can be a tough balancing act!
Costs are always an important factor in making decisions. Before enrolling, an employee might try to estimate what their medical expenses might be for the coming year. They might review the deductible plans being offered and move up or down in their deductible. Maybe they will decide to make changes to the contribution amount to their HSA.
Coverage options are another deciding factor. Open enrollment creates the opportunity for employees to analyze and review and change, if appropriate, a plan that better aligns with their current needs. If their medical needs have changed from the prior year, maybe a chronic condition requires a shift in benefit coverage. Perhaps an employee is hitting their 65th birthday or has retirement on their mind. Giving them tools to help them create a glide path to Medicare when they are ready offers a compliant discussion opportunity.
If an employee is nearing 65 or is already older, comparing group plans to Medicare makes good sense – to make sure there are no options left on the table that they could benefit from and employees who will become eligible to enroll, can when they should.
We want to help to make sure your aging workforce has all their options available to them and that they understand their choices. Do they have easy access to tools to help them analyze their choices?
- For some employees, comparing costs to Medicare offers an opportunity for a change they may not have realized they have available while still working.
- Sometimes after doing the math, the company plans are still the better option to stay on until they are ready to leave their employer.
Analyzing whether to stay on a group plan or to go to Medicare while still working is worth reviewing with experts.
You can help employees compare Medicare to group plan costs. If the math says to “stay” on a group plan, you have been able to provide that peace of mind to your employee to confidently delay Medicare enrollment. If the math says “go” you have created an opportunity for dialogue about Medicare as an option.
We have a tool that is easy to use and provides a quick comparison of an employee’s average costs on a group plan compared to an average Medicare plan costs. You can ‘do the math’ with your employee to see how transitioning to Medicare while working looks.
The Stay or Go Analysis™️ asks for just a few pieces of information. Then it takes that data and compares it to Medicare. Employees can ‘see’ the cost comparison, and if they are 65 or close to being eligible, they can decide whether to stay on their group or consider a transition to Medicare.
We also recommend providing educational opportunities for Medicare. Free workshops with our educational arm 123easyMedicare.com provide employees with simple information about Medicare coverage, costs, and options. We strongly believe that once an employee understands Medicare, they can make choices with confidence.
Having a Medicare transition team as a partner creates more confident discussions with employees. We can help show the option of Medicare and help educate about the basics of Medicare so your employees can decide with confidence when to enroll.
You are a trusted partner that helps give employees peace of mind in knowing they understand ALL their health plan options. Let us help you lead those discussions as a part of any open enrollment period.
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.
Ready to get started?
Check out our blog weekly for new resources, and helpful tips and tricks to build your Medicare transition strategy.
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