Retiree Health Coverage
When your employees stop working, their benefits don't have to.
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Overview
As Baby Boomers retire in record numbers, the rise in new retiree health claims can be risky, especially for self-funding groups. The Hartford can help. We offer flexible solutions that shift the risk away from companies. While catering to the special needs of retirees with flexible solutions.
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Details
Integrates with Medicare and helps offload your burden
The Hartford's fully insured group retiree medical plan helps pay the Medicare eligible deductibles, co-payments and out-of-pocket medical expenses not covered by Medicare. Plus, it helps take the burden off of your company while potentially lowering costs. A few of the advantages:
- Multiple group sizes are eligible, from as few as two to as many as thousands. Customized plans are available for groups of 100 or more.
- Retirees, their spouses, widow(er)s and domestic partners age 65+ and entitled to Medicare, are all eligible.
- By segmenting your age 65+ retirees into our plan, you can better control overall costs.
- We handle the time-consuming details, freeing up your HR staff.
- Our customer service reps are specifically trained to work with the senior population.
- You can choose from a variety of prescription drug options for a better fit with your retirees' needs.
- There are no networks to worry about. Retirees have access to any provider or hospital, countrywide-at home or away.
- Plan designs are flexible enough to suit the needs of your retirees as well as your budget.
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Services
Retiree Health 101
In today's economy, medical inflation isn't over yet, and it's putting pressure on retiree medical plans. Just when your administrative resources may be shrinking, your retirement population continues to expand. How can you juggle multiple plans, different billing options and claims services that may not be in your budget? Good question.
There are a lot of solutions out there. Of these, an employer-sponsored Group Retiree Insurance Plan (GRIP), offered through The Hartford, can be an excellent choice for a lot of reasons.
Be good to your retirees and your budget.
By electing GRIP, you can accomplish three important goals:
- Take retirees out of the active medical plan, improving the active plan experience.
- Fulfill your obligation to retirees.
- Integrate with Medicare, taking advantage of Medicare's cost-containment measures.
Helping to make it easier.
Why shoulder the administrative burden when you can offload it on The Hartford's approved third-party administrators? Our services assure you of:
- A choice of billing options with the ability to manage all types of vesting schedules.
- Various enrollment options to meet your needs.
- Electronic claims processing and payment.
- A toll-free customer service number for retirees, employers and providers.
- Online capabilities for inquiries about benefits and claims.
- Customer service representatives trained in senior care relations.
- HIPAA compliance.
A choice of Rx coverage plans.
With The Hartford, you have two ways to meet your retirees' prescription drug needs:
- Fully insured plans that meet creditable coverage guidelines from Centers for Medicare and Medicaid Services (CMS).
- May qualify for the CMS Retiree Drug Subsidy for employer groups.
- Through our Pharmacy Benefit Manager (PBM) contract with CVSCaremark, we can provide the reporting to request reimbursement from CMS under the subsidy.
- Provided through both retail and mail-order pharmacies with an open formulary, which includes a preferred drug list and generic drugs.
- Medicare Part D Prescription Drug Plans (PDP) through Employer Group Waiver Plans.
- The Hartford works with prescription drug plan sponsors with extensive experience in Part D coverage.
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The Hartford Difference
After over 200 years of helping businesses achieve what’s ahead, The Hartford has proven our commitment and dedication to doing right by our customers. We stand by our promises. And that’s something that you and your business can count on.
Why Choose The Hartford?
We're just not experienced in our business, we're experienced in helping protect yours. As a result, we go beyond core coverage to provide specialized options and services unique to your industry, line of business and even size. When you choose The Hartford, you’ll have a broad range of policies, endorsements and add-ons to tailor a coverage plan that speaks to your needs. We are committed to providing superior customer service to support your business, every step of the way.
From critical business coverages and efficient claims handling to risk management, The Hartford will be by your side.
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