Post-65 Retiree Health Care Exchange

Senior Educators Insurance Services help you reduce costs and improve value by successfully transitioning retirees from group to individual medicare health insurance.

Recent health care reform, aging populations and rising health care costs are driving employers to reconsider how they will provide Medicare retiree medical coverage benefits in the future. While some employers have stopped providing retiree medical coverage altogether, many still want to provide the benefit while limiting overall cost and exposure.

One significant change is that health care reform has strengthened the pre- and post-65 individual retiree medical insurance market. Today, there are more carriers, more plan designs and delivery model variety and a wide range of costs. At the same time, health care reform has made it more complex and less advantageous for employers to provide group coverage. As a result, 74 percent of large employers are in the process of making or exploring changes to their retiree health care benefit programs, according to Aon Hewitt research. Many are moving from offering company-sponsored group coverage to a company facilitated market-based approach.

Now is the time to rethink your retiree medical benefit strategy. Aon Hewitt Senior Educators Insurance Services, our post-65 retiree health care exchange, can help you reduce costs and manage your long-term retiree medical liabilities while still delivering a valuable retiree health care benefit.

For Organizations with Retiree Medical Benefits

For Organizations without Retiree Medical Benefits

For organizations with retiree medical benefits, we help transition retirees from a “one-size-fits-all” group plan to a “right-sized” individual plan. Transitioning retirees to the growing individual market benefits both employers and retirees.

Employers achieve:

• Significant cost savings
  • Often greater than $1,000 per retiree
  • Potential reductions in Financial Accounting Standards Board (FASB) liability or Governmental (GASB) liability
• Reduced administrative burden
  • Administer financial commitment through Health Reimbursement Account (HRA).
  • Discontinue retiree group health insurance plan.
  • Offload retiree communication and servicing.
  • Eliminate the need for a Retiree Drug Subsidy (RDS) strategy.
  • Reduce actuarial and ongoing professional support needs.
  • Greater HR focus on active employees and ongoing corporate priorities.

Retirees receive:

• Significant cost savings
  • Individual market plans deliver better value.
  • Savings achieved on the individual market often dwarf the historical employer subsidy.
• Increased choice
  • Retirees given a wide range of market options vs. a few group plans.
  • Multiple carriers competing for customers benefits retirees.
• Right-sized coverage
  • Ability to select the right amount of coverage (indemnity and managed care options) on an individual level to better meet retirees’ needs
  • Annual election to change plans

For organizations without retiree medical benefits, Senior Educators offers an educational and enrollment service to help your retirees better understand Medicare and enroll in the right Medicare insurance to meet their individual needs.

At no cost to you, Senior Educators provides your retirees with a complete solution for one of the biggest decisions retirees need to make. Our services include:

• Personalized assistance in selecting the right insurance from among thousands of options.
• Unlimited access to our independent, licensed and certified benefit advisors, who specialize exclusively in Medicare insurance. Our trained advisors will spend the time needed to answer whatever questions your retirees have about Medicare in easy-to-understand language.
• Access to an easy-to-use web portal, which contains information on all types of Medicare insurance (supplements, Medicare Advantage, prescription drug plans).
• Annual follow-up with retirees to ensure that they remain happy with their choice and unlimited support for retirees to enroll in an alternate plan should their needs change.

Optional Senior Educator Services
Employers can also work with Senior Educators to:

• Proactively contact retirees before they become eligible for Medicare to explain the health care options available to them and the free service that their employer is providing to help them make informed decisions.
• Send robust Medicare and Medicare insurance educational materials.
• Preset individual appointments for each retiree to walk them through their individual needs.
• Provide a tax-preferred Health Reimbursement Account (HRA) for the employer to partially fund medical expenses.
• Provide broad advocacy services to retirees on a wide range of issues.

Senior Educators Insurance Network

Senior Educators works with over more than leading insurance companies nationwide, including AARP, Aetna, Anthem, Blue Cross Blue Shield, CIGNA, Delta Dental, Empire, Humana, Mutual of Omaha, United Healthcare and Vision Service Plan (VSP), among others. Aon Hewitt has helped hundreds of companies design and implement retiree health care strategies that meet their specific business objectives.