group Medicare Advantage plan

5 Reasons To Add a Group Medicare Advantage Plan

Benefits of Adding a Group Medicare Advantage Plan

Your employees work hard for you and help your business succeed. A group health plan is one of the most important benefits you can offer them in return. It shows you are invested in their health and well-being, not just your bottom line.

Make that investment a lifelong one by adding a Medicare Advantage plan to your group. It doesn’t have to cost you anything, and if you choose the right carrier, it can be a hassle-free addition to your existing coverage. 

In traditional Medicare, the government pays doctors, hospitals and other health care providers directly for beneficiaries’ care. But Medicare Advantage is different—the government pays the insurance companies that sell Medicare Advantage policies a fixed amount every month for each member they sign up.

Medicare Advantage Plans Explained

Medicare Advantage plans are bought through private health insurance carriers and replace Original Medicare, the plan run by the federal government. These plans are considered Part C plans, and they cover Part A (hospital coverage) and Part B (medical coverage), just like Original Medicare.

They can also include benefits beyond Original Medicare, like prescription drug (Part D) coverage and wellness extras. 

Here are five (5) reasons why you should be looking at adding a group Medicare Advantage plan.

Attract and Retain Top Talent

Job seekers look at health benefits, including retiree benefits, when considering job offers. Having a group Medicare plan in place sets your business apart as one that takes care of its people, even after retirement.

Choose Your Contribution Level

Federal regulations require employers to put money toward commercial group plan premiums, often around 50 percent. But group Medicare plans don’t require employer contribution. This flexibility means you can offer your retirees access to quality healthcare coverage at no cost to you or at a cost you feel comfortable with. 

And you need not worry about leaving your retirees with a big premium payment. The federal government pays most of the premium on the member’s behalf. The member’s portion is much smaller than for a commercial health plan.

Help Retirees Bridge the Coverage Gap

The coverage gap is a temporary limit on what a Medicare plan will cover for drugs. Medicare members pay higher out-of-pocket costs when they’re in the coverage gap than they do the rest of the year. 

Retirees can’t get a Medicare plan on their own that offers help through the coverage gap. They can only skip the coverage gap through an employer-sponsored plan. That’s where you come in! By providing your retirees a prescription drug plan with coverage through the gap, you’ll help ease the financial burden the coverage gap can present.

Choose Coverage to Fit Your Needs

Some carriers will let you customize your group Medicare Advantage plan with different deductibles, coinsurance and copayment amounts. This can help you meet union contract requirements or align the benefits with your regular group plan. Customized plans, unlike stock plans, may have participation requirements.

Avoid Paperwork and Billing

Look for Medicare group carriers who can take the administrative burden off you. 

You can choose to have Medicare group members billed directly for their premiums. You’re busy running your company, so choosing a plan that takes the hassle out of your hands is an added bonus. 

We Can Help!

Retiree health coverage is an important step in employee coverage. We can help you get a plan in place for your group. Find a stock Medicare plan or build a custom plan if it better suits your needs. Whatever plan you choose, you can feel confident that your employees and their families have access to top-notch health care and helpful customer service—while saving you money.

Contact me today to answer any questions and make adding a Medicare Advantage plan to your existing group coverage a smooth process.

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