Recently, we co-hosted a webinar with BenefitsPRO entitled “Empowering Your Clients: The Winning Approach to Group Retiree Healthcare Benefits”. It was a thought-provoking discussion about how benefits brokers and consultants like you can strengthen your service offering and drive extra value for your clients who have group retiree benefits. As you gear up for 2024 with your clients, it’s the perfect time to explore new ways to enhance your services. RetireeFirst collaborates with consultants to ensure that your clients with group retiree benefits receive the best solutions for their needs.
Following are the top 3 webinar take-aways from speakers John Bass, Theresa Bell, and myself.
1. Medicare Advantage Enrollment Continues to Grow
Medicare Advantage enrollment has been steadily increasing and is projected to continue growing. According to KFF’s Medicare Advantage in 2023: Enrollment Update and Key Trends, 30.8 million people are enrolled in a Medicare Advantage (MA) plan, accounting for more than half, or 51 percent, of the eligible Medicare population. One in five (about 5.4 million) Medicare Advantage enrollees are in a group plan offered to retirees by an employer or union. Research indicates that beneficiaries express high satisfaction with their MA plans, especially regarding coverage and issue resolution.
Medicare Advantage (MA) and Medicare Advantage Prescription Drug (MAPD) plans can offer cost-saving opportunities that enable employers to continue providing plans and lower OPEB liabilities. Moreover, these plans offer comprehensive care by providing enhanced benefits and added value. Despite this growth, the Medicare landscape is undergoing continuous changes. To gain further insights into the key regulatory and legislative factors driving this evolution, we invite you to download RetireeFirst’s ‘Latest Insights for Consultants’.
Download “Navigating Group Retiree Healthcare: Latest Insights for Consultants”
Explore insights and trends that are impacting the Medicare industry for you and your clients.
2. Your Clients Face Major Challenges
Which challenges are a top priority for your clients? Retiree healthcare plan costs and design? Significant hours spent on plan administration? Enhancing and preserving benefits?
As economic pressures mount and group retiree healthcare plan coverage faces potential cutbacks or discontinuation, by identifying the right Medicare product, plan sponsors can realize cost savings, lower OPEB liabilities, and enhanced benefits for retirees. Our Medicare expertise enables us to provide the right guidance. We handle hundreds of such cases annually and are here to share our insights. We can strategize to design a group plan to match, or even enhance the benefits offered under your clients’ current plans. We can also guide you and your client through the process of transitioning plans with minimal retiree disruption and confusion.
3. You Can Help Clients Address These Challenges Head-On
A retiree benefit manager, like RetireeFirst, with Medicare expertise, deep carrier relationships, implementation support, and retiree advocacy services can be an invaluable extension to your team. The right partner will help you generate tremendous value to your clients and their retirees, in multiple areas:
- Market analysis
- Medicare plan design
- Seamless plan migration and implementation services
- Billing services
- Retiree communications – mailings, webinars, in-person events
- Ongoing retiree advocacy – plan education, proactive issue resolution, wellness programs to reduce gaps in care
If you find that you lack the time or specialized focus to optimally address retiree benefits, if your clients are considering transitioning to MA or MAPD and are concerned about potential challenges, or if your clients are looking to enhance the retiree experience by providing support, navigation, and promoting health and wellness, we’re here to assist. Consider reaching out to us by completing the form below to explore what a partnership with RetireeFirst could look like.
Access our on-demand webinar recording to learn more.
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