A blog about Medicare. What you and your employees need to know
Free- Who Doesn’t Like Free AND a Win-Win?
Author: Lora Drummond
Medicare Transition Specialist
[17-52] – Who Doesn’t Like Free AND a Win-Win?]
Our blogs continue highlighting the advantages of working with a Medicare transition team to help simplify everything Medicare. Why?
Because you field employee Medicare questions and wear many hats… Do you have time to search for answers? Are you confident to guide them with complex questions? Whatever level of support you need, a dedicated team of Medicare experts can provide you with confident guidance from ‘soup to nuts’ and save you time, well… so you can do other HR stuff!
The resounding advantage that comes with working with Certified Medicare Planners® is that the expertise is provided free of charge. The question that usually follows is,“ Wait! How are you paid then?” Well, before I respond to that, let me explain the services you get at no cost to you or your employees:
While we can help anywhere in the nation, there are currently up to 5000 Medicare plan combinations that Medicare eligibles can select from. Providing tools to simplify comparing all those plans to an individual’s needs would be a true time-saver. So the time we save gives HR teams the opportunity to focus on other things.
When an employee compares their group benefit costs, identifies their personal health needs, and compares to Medicare offerings, if it makes sense for them to transition, 9 times out of 10 they see significant savings in making the transition from a group plan to Medicare. Why?
Because Medicare plans are selected based on individual needs, not based on a group plan offering. Employees and retirees can choose what makes sense to their lifestyle to find a Medicare plan that effectively replaces their group coverage.
The opportunity for savings continues the following year. The same way employees experienced open enrollment on a commercial plan, Medicare offers options to change too. Because of a relationship built with a Certified Medicare Planner® they can look forward to an annual review providing them the opportunity to change plans as their health and financial needs change.
So the benefits relationship they enjoyed for years with their Human Resource partner can continue after transitioning to Medicare.
We recommend managing discussions around exit planning and Medicare education early. Starting before employees are Medicare-eligible helps avoid making decisions that can result in lifelong financial penalties later.
Lastly, employers appreciate unrealized savings on their bottom line when employees move off a group plan. The employer and the employee realize savings together. It’s a win-win when a transition makes sense.
Education = Confidence
There are a lot of choices, opinions, and commercials trying to tell Medicare-eligibles what they should have. Marketing by TV and mail compounds the stress and confusion for making confident decisions. So even if moving off a group plan makes more sense, staying put where it’s familiar and easy will win. This is where educating employees on Medicare arms them with confidence to own their transition decisions.
A Certified Medicare Planner® will use a Stay or Go Analysis™ to show any savings math for going to Medicare. Or your employee can access a similar tool to do their own analysis.
We have found consistently, that when providing education on Medicare and providing tools that simplify choices, individuals are more empowered with confidence to make decisions. We show them the math, and the Medicare plans pick them.
When you provide a single resource for guidance and education, and the information is coming from a trusted HR source (since you have the benefit tenure with their employees) the partnership leads to confidence.
Certified Medicare Planners® become the expert partner you can reach out to for simple or complex questions. Whether it’s an employee planning to asking to defer Medicare at 65, or more complicated scenarios involving disability combined with Cobra! Having a team with supportive solutions provides only advantages AND with no fees for the support!
So who pays us?
How are Certified Medicare Planners® paid for the access, tools, and guidance we provide? The insurance companies pay us. If it makes sense for an employee to transition to Medicare, and we have earned the right to enroll them in a plan, that insurance company will pay us when they enroll.
Two important reminders fit here.
– Commissions for Medicare are regulated. So it doesn’t matter who enrolls your employees, they are paid the same. So make sure you get the guidance you need from a trusted source.
– What matters in the decision an employee will make is the confidence and transparency provided. Work with a team that shows all the plans available with no company bias (not just a select few companies), and shows the math to support the decision, AND matches the employee needs to a plan so the most appropriate plan picks them.
If Medicare feels a bit confusing, we get it!
That’s why we are here to help make Medicare@Work easier! An employee can find greater confidence about when to enroll in Medicare by consulting with a Medicare expert like a Certified Medicare Planner®. …And whether they should wait and keep their employer group plan also. Every situation is different.
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