How to Choose Post-65 Retiree Insurance Benefits That Your Employees Will Love

Worried that your aging employees won’t be able to keep up with the pace of their high-pressure jobs? 

Because Medicare only covers 80% of your medical costs and doesn’t cover vision or dental, retirees can be vulnerable to an unexpected accident or illness that leaves them out of pocket. That’s why it’s important to look into purchasing retiree insurance benefits from an insurance broker. 

When you choose the right retiree insurance benefits, you won’t just get an added sense of security – you’ll also increase your employees’ productivity and help them stay on their game longer. 

Here are some suggestions on what you should look for in your employee benefits to keep your employees covered and healthy when it comes time to retire.

1. Do Your Research

When it comes to finding post-65 retiree insurance benefits for employees, employers are often faced with the task of choosing a comprehensive health plan that offers more than just medical insurance. 

In addition to looking for group medical insurance, you may also want to consider supplemental insurance like dental and vision benefits. You could offer dental and vision coverage as a separate policy or through an employer-sponsored health plan. 

We recommend doing your research so you know what kind of group medical coverage options are available and how they might affect your healthcare costs in the future.

2. Decide On the Coverage You Need

A standard health plan provides you with a set amount of coverage per year and covers you for major medical expenses, hospitalization, and emergency surgery. A supplemental insurance policy is purchased in addition to the standard plan and can cover things like dental care or prescription drugs. 

You may also want to consider group medical insurance for your employees if they are over 65 or retired from your company. 

Group medical insurance provides your employees with a set amount of coverage per year, which may be higher than their previous medical plan, and covers them for major medical expenses. There are also two types of group insurance plans: a group health plan, or group life insurance. 

The difference between these two plans is that the former is paid monthly by the employer while the latter is paid annually by the employee.

3. Consider Your Budget

Medical insurance is one of the most expensive benefits provided by employers. Employees may also choose to enroll in supplemental insurance that offers additional coverage not found in group medical plans, such as vision or dental care. 

If your company wants to offer post-65 retiree insurance benefits, you will need to assess the needs of your employees and work with an agent or broker who specializes in this type of plan. 

It’s important for employees and employers alike when picking health insurance that the cost is affordable for both parties. The cost of premiums varies depending on age, family size, and location.

4. Make Sure the Plan Covers Pre-Existing Conditions

When you have a group medical plan, it’s important that it covers pre-existing conditions. This is crucial because oftentimes, people who retire are already in need of medical care because they have been working for so many years. 

A great way to make sure your post-65 retiree insurance benefits are going to be just what your employees need is by asking them about their needs and desires. 

This will help you tailor the plan accordingly and make sure that everyone gets the insurance benefits they need.

At Benistar, Our Experts Help You Plan For Your Employees

Planning for your employees is no easy feat. From deciding on a group medical health plan that suits their needs and provides adequate coverage, to finding the right supplemental insurance for them as well. With so much at stake, it’s crucial that you take the time to find the best option for your team; one that will make them feel secure and confident in their decision. Contact Benistar now!