- Who are the primary users of the Retiree Health Guidance Services?
Retiree Health Guidance Services helps individuals who are considering retirement – whether they are under age 65, approaching Medicare eligibility or already over 65 but still working – understand the steps they must take and issues they should evaluate as they make the transition from a working person with employer-sponsored active coverage to a retired individual who may need to secure their own coverage.
2.How can employers benefit from the Retiree Health Guidance Services if they don’t sponsor a retiree healthcare program?
We know that employers often struggle with responding to the sometimes complex questions an older employee may have about insurance and Medicare, in particular, when they are considering retiring or approaching Medicare eligibility. What may start as a basic question can quickly become complicated when all the factors affecting that person are considered. Employers may not have the resources, expertise or risk tolerance to answer employee-specific questions about insurance after they leave employment.
3. What are the key features of the service that help older employees compare their retirement healthcare options?
- Unbiased telephonic assistance from licensed benefits experts
- Expert guidance and support for individuals navigating the complexities of Medicare
- Education for pre-Medicare individuals understand the ACA market, tax credits, and available plan options
- Comparison of individual plan options and costs to COBRA or an employer-sponsored retiree plan, as applicable
- Assisting with enrollment in individual plans
- User friendly website with educational information and plan shopping tools
4. What kind of Medicare-related support does the service offer to pre-Medicare retirees?
As individuals are approaching Medicare eligibility, they are faced with some decisions about Medicare enrollment. The actions they need to take may differ depending on their circumstances, such as when they intend to retire and whether they have access to other employer-sponsored coverage. Retiree Guidance Services provides individuals with tools and resources in advance of their Medicare eligibility so they can thoughtfully plan for short-term and longer-term actions related to their health insurance to ensure they are enrolled in the plans that meet their financial and health needs.
5.What role does cost estimation play in helping retirees choose their healthcare plans?
Similar to group health plans, the out-of-pocket cost of individual coverage can vary depending on a number of factors. In addition, because there are a variety of plans and products to choose from in the individual market, there can be a wide range of premiums as well. It’s important for an individual to consider not just the cost of premium but also what they can expect to pay in copays, coinsurance and deductibles to understand the total projected cost of coverage. Using tools that analyze prescription drug utilization, formularies and pharmacy networks, as well as carrier provider and facility networks, is crucial to estimating the total cost. Working with a licensed benefits counselor in addition to using the tools provides individuals with the information they need to make a decision about healthcare plans that’s right for them.
