“Healthy citizens are the greatest asset any country can have.”
Medicare Myths:
Understanding Medicare in a New Way
Medicare Myth —>
Medicare is only for those who are retired.
Reality
Medicare has always been for those 65+, whether they are working or not.
Medicare Myth—>
Employer-sponsored coverage is less expensive because the employer pays a portion of the cost.
Reality
Not necessarily. Medicare is often less expensive due to a focus on benefits that are important to those 65+.
Medicare Myth —>
Employers offer better coverage than Medicare.
Reality
In a recent study by the Kaiser Family Foundation, 50% of those on Medicare labeled it “excellent”. Only 33% of those on employer-sponsored insurance rated it that highly.
Medicare Myth—>
We only have a few 65+ employees. Focusing on this population will not have much of an overall impact.
Reality
The impact of switching to Medicare is larger than the number of 65+ employees would indicate. Consider:
A. The total employer healthcare cost for a given individual could be completely eliminated
B. Spouses can also be 65+ and on the group plan
C. When employees move to Medicare, rates for the group plan are likely to lower
D. Administrative costs could decline as the # of covered lives decreases
Medicare Myth—>
Our HR Team already helps our employees with Medicare questions.
Reality
HR teams are a great resource for 65+ employees, but usually they are not aware of all the Medicare options for a given employee, nor should they be providing advice on a specific Medicare plan option.
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