What is Seniors Choice?
Seniors Choice is one of the oldest Group Retiree Medical Plans on the market today! AlthoughSeniors Choice is not a Medicare Supplement it has some similarities, such as picking up benefits where Medicare leaves off. This product was created 20 years ago to help employers find solutions to their escalating group retiree and employee medical costs. This special program was created with the best interest of the member in mind. No physician’s network or network of hospitals; they have the freedom to choose any physician or hospital, within the US, that accepts Medicare!
Is there a need for this product?
Today there are more people turning 65 than there are being born in the United States! Large Municipalities and Employers are facing bankruptcy due to the rising cost of retiree medical benefits. The rising cost of health care is staggering and now employers face having more retirees to cover for their medical than they do active employees.Nobody knew that people would live as long as they do or that technology and medicine would sustain life as it does today. Now we have people working well into their 70’s because of the lack of resources that would allow them to retire earlier.
Why Seniors Choice and not a Medicare Supplement?
Seniors Choice carries unique features that a traditional Medicare Supplement does not. Benefits can be flexible because it is filed as a Group Retiree Medical Plan. Seniors Choice is regulated by each state’s department of insurance. This gives us the flexibility to change benefits to fit the market at any time we feel it beneficial to the members.
What are the basic benefits?
- Deductible options ranging from $0 to $4000
- Office Visit co-pay to any physician (No Network)
- Excess charges beyond Medicare allowable covered under basic plan
What are the Optional Benefits?
- Skilled nursing
- Foreign travel
- Part D prescription plan
- Private duty nursing
How does this plan benefit an employer?
- Because Seniors Choice requires an employer sponsorship, it opens another choice to their retirees that otherwise would not exist.
- Always guaranteed issue at any age 65 and over
- Flexible benefits designed to offer retirees choices
- Large group rates that make sense to the members
- Open enrollment every year that allows sponsors and members to make changes including adding benefits with no underwriting required!
How does this plan benefit a small employer (less than 20 employees)?
If you have someone who is: actively at work full time, 65 + years of age, and covered under Medicare Parts A & B, you can move them off of the employer group plan and cover them under the Seniors Choice Group Plan.
What are the benefits to offering them Seniors Choice vs. a Medicare Supplement?
- Premium contribution can be pre-taxed dollars under a Section 125 Plan
- Employer receives tax benefits just like any other group plan
- Seniors Choice offers the best Part D Rx plan, where a traditional Medicare Supplement does not have one
- If an employer has an H.S.A. (Health Savings Account) in play they can continue to use this account for Seniors Choice and when they retire they can use the funds to even pay the Seniors Choice premiums
- Portability: When the senior employee decides to retire they can take this plan with them no matter where they move within the U.S.!