Retiree Plans for Employers
Large employers in today's market are looking for ways to offer retiree plans without having to manage extra liabilities. Since there are many different ways that you can structure a retiree plan we wanted to discuss several concepts that have been used to establish retiree plans with very minimal (if any) costs to establish.
Retiree Plans - Employer Subsidized or Voluntary
Your group will either be completely voluntary or employer subsidized. Subsidies can vary depending on what you are looking to do, but most of the time new subsidies are not added, but they are usually continued from previous retiree plans if there were any in force.
Voluntary Retiree Benefits
Voluntary plans are those that the employee can decide to participate in the plan if they would like to but they are not required too. There are voluntary individual and group plans.
- Individual Retiree Plans - what many employers do for retirees is offer them a way to access individual plans upon retiring. They partner with a company like MWG Senior Services which will help guide there retirees through the Medicare transition. MWG for instance provides a Medicare Supplement Quote Engine, Part D analysis for prescription drugs, and individual service on each account. Individual plans usually allow for retirees to purchase lower costing plans if they are able to qualify.
- Voluntary Group Retiree Plans - provide employers with a way to establish a group and offer a plan specifically for "XYZ Corporation" retirees. These plans have no health questions and allow previous employees a way to access retiree coverage if there were no other options available. Usually these plans can be established with no cost to the employer.
From a voluntary standpoint MWG Senior Services stated, "Offering both a group and individual option allows employers to cover all grounds for their retirees over the age of sixty-five."
Subsidized Retiree Plan
When you are looking to establish a retiree plan that will be partially or completely funded by the employer you will be asked for some basic pieces of information so that insurance companies can properly quote the group's retirees. Common items that will be requested prior to giving a quote are typically: employer name and address, employer contact, group experience, group census, portion employer is looking to subsidize, plan designs, and other information that will help the company build the correct retiree plan.
MWG Senior Services can help you in preparing quotes and getting organized to offer these plans to your retirees. MWG Senior Services has several companies that they use and quote for each proposal request. They each have positives that may merit more favor depending on what the employer is looking to offer.
Call MWG Senior Services at 1-877-936-2991 to get your retiree plan started or visit us on the web at www.mwgseniorservices.com.