3 actions to help your retirees choose the right Medicare plan
By Karen Frost and Colleen Pappas, Alight Solutions
Whether it’s the rising cost of healthcare or the prospect of being forced into early retirement, near-retirees are concerned about their long-term health coverage. Older American workers are feeling more unsettled than ever as the COVID-19 pandemic marks the second major financial setback they’ve endured in little more than a decade.
Compounding the problem is the complexity of Medicare, which can easily befuddle retired Americans with numerous coverage options, enrollment rules and deadlines, and consequently saddle them with hefty penalties and months-long coverage gaps.
Unfortunately, fewer and fewer employers are providing retiree health benefits, as the Kaiser Family Foundation estimates only 29% are doing so. In many cases, employees need support transitioning from their employer health plans to Medicare plus supplemental coverage, and employers play a critical role in that process as a trusted source of information for their people.
Here are three actions your company can take to make sure your near-retirees are set up for a healthy future.