Medicare annual enrollment – a time to save?
If you are a Medicare-eligible individual aged 65 or older, you’re a very popular person right now! Until the Medicare open enrollment period ends on December 7, 2015, commercials on television, billboards and print ads will be trying to catch your attention about the many Medicare Advantage or Supplement plans available.
Why is this important?
Among your choices, you may have a retiree Medicare group plan offered by your former employer. Is it the best choice? A group plan for Medicare retirees is a “one size fits all” approach which may or may not provide the individual retiree the right level of coverage. Additionally, rates for group plans usually cost more than a retiree will pay to buy their own coverage. The provider networks of a group plan may also restrict the retiree from being able to move after retirement.
Then there are the plans offered on the individual market. Depending on where you live, there are as many as 63 Medicare plans to choose from. Navigating all the options may seem like a daunting task for anyone, especially those who haven’t looked at everything out there. We built Futuris Care to help retirees better understand their options and find the best value among their Medicare choices.
Futuris Care is a Medicare Exchange offered by Keenan that engages Medicare eligible retirees through a concierge service to help them identify the plan or plans to meet their individual needs wherever they live. If you move to another part of the state or across the country, you can switch to a plan offered at your new residence.
Savings Opportunities for Retirees – and Employers
The average monthly premium for retirees electing a Medicare Supplement and Part D Prescription Drug Plan through Futuris Care is approximately $265. Retirees are realizing an average cash flow savings greater than 50%. At the same time, employers are reducing their retiree health liabilities 40% or more. For example, the City of South Lake Tahoe reduced their unfunded liability by 73% and the City of Glendale saved $200 million providing this Medicare Exchange opportunity to their retirees. One size does not fit all. But when retirees get a “custom fit” plan and employers reduce millions of dollars of unfunded health care liability, everyone wins.
About Nick Gedestad
Nick Gedestad is an Sr Account Executive at Keenan and has been leading the Futuris Care program rollout. You can reach Nick at email@example.com to find out more.