The economics of providing traditional employer-sponsored coverage are changing, causing many employers to change the way they offer health care benefits to their retirees. For many employers, the loss of the retiree drug subsidy and the closing of the Medicare Part D Prescription D “donut hole” make the individual market an attractive alternative to traditional group-sponsored coverage. In fact, 66% of employers intend to offer or are considering offering guided access to the individual Medicare retiree plan market through an exchange for their retiree population.
Retiree health exchanges offer retirees a wide variety of individual products that allow them to find the right coverage for their individual needs. Very often, individual Medicare Advantage or Medicare Part D plans can be purchased at lower rates than the employer can offer with comparable coverage, due to the federal subsidies available to issuers of these plans.
Additionally, with the help of an experienced exchange provider, like Aon Hewitt, retirees gain access to dedicated and licensed professionals that help retirees understand and navigate their options.
By replacing the traditional retiree medical plan with an exchange platform, employers are not abandoning their retirees—quite the contrary. The employer is providing more choice, greater value and—in many cases—enhanced customer service.
As the global leader in human resource solutions, Aon Hewitt offers one of the industry’s most comprehensive retiree health exchange solution. We partner with over 80 leading insurance companies nationwide, including AARP, Aetna, Anthem, Blue Cross Blue Shield, CIGNA, Delta Dental, Empire, Humana, United Healthcare and Vision Service Plan (VSP), among others, to offer an expansive network of health plan options to our clients’ retirees. To date, we have helped more than 240,000 retirees successfully transition to the individual market by providing objective and personalized guidance in finding the right plan for them.Our services include:
To learn more and discuss whether Aon Hewitt Navigators is right for your company, contact us.
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