TALKING TO YOUR STAFF ABOUT SWITCHING OVER TO MEDICARE
More and more, people over the age of 65 are remaining in the work force. According to a report by the Bureau of Labor Statistics, the number of older workers has increased 101 percent in the past thirty years, nearly double the percentage increase in total employment overall.
What this means for you, as a business owner, is that more people are staying on your company provided health insurance for longer. While this isn’t necessarily a bad thing, it can end up being a larger than expected expense that you have to budget for. Because of this, asking your employees who are over 65 to make the switch to Medicare makes sense financially.
But, the topic can be a sensitive one to broach.
The bottom line is if it doesn’t make financial sense to switch over for the employee him or herself, he or she should not be asked to do so. However, the line between making financial sense and not can be blurry. Often, the decision to switch comes down not to monthly premiums, but to benefits and coverage.
Which is why it is critical to educate your employees on the benefits associated with Medicare Advantage Plans. Medicare Advantage Plans provided through employers are comprehensive, combining Parts A and B. They include HMO’s, preferred provider organizations, private fee-for-service plans, special needs plans, and a Medicare medical savings account - usually in addition to prescription drug coverage. In short, the coverage is appealing.
Finally, don’t be afraid to discuss the matter frankly, but with sensitivity. It’s important to be clear on the fact that you are interested in finding a solution that is good for you and to your business, but fair for your employees. For more information about Medicare, or for a resource to which you can refer your employees, visit makingmedicareeasy.com.