Group Retiree Health Insurance
When Employees Stop Working,
Their Benefits Don't Have To
Flexible Retiree Health Coverage
As Baby Boomers retire in record numbers, the rise in new retiree health insurance claims can be risky, especially for self-funding groups. The Hartford can help. We offer flexible group retiree health insurance solutions that shift the risk away from employers. While catering to the special needs of retirees with flexible solutions.
Why Retiree Health Coverage?
In today's economy, medical inflation isn't over yet, and it's putting pressure on retirees as well as retiree medical plans. Just when administrative resources may be shrinking, retirement populations continue to expand. There are a lot of solutions out there. Of these, an employer-sponsored Group Retiree Insurance Plan offered through The Hartford can be an excellent choice for a lot of reasons.
Be Good to Your Retirees and Your Budget
By electing a Group Retiree Insurance Plan, 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.
Integrates with Medicare
The Hartford's fully insured Group Retiree Health Insurance 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 companies while potentially lowering costs. Here are 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, and coverage is guaranteed issue.
- By segmenting age 65+ retirees into our plan, and with both voluntary and non-contributory plans available, employers can better control overall costs.
- Employers can choose from a variety of prescription drug options for a better fit with their retirees' needs.
- There are no medical networks to worry about. Retirees have access to any provider or hospital countrywide – at home or away.
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:
- 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.
- Fully insured plans that meet creditable coverage guidelines from Centers for Medicare and Medicaid Services (CMS). They are provided through both retail and mail-order pharmacies with an open formulary, which includes a preferred drug list and generic drugs and may qualify for the CMS Retiree Drug Subsidy for employer groups.