Now that your employees have reached the age of 65, they no longer need life insurance to protect their families in the event of their death. However, they may still be vulnerable in other ways, and that’s why it’s important to offer them supplemental post-65 retiree insurance.
Treating your employees well throughout their time at your company pays off when they retire and you’re faced with the decision of what to do with their healthcare benefits.
Offering them the option to continue their health insurance after they’ve retired can not only benefit you, but it can also help out both them and their families. Read on to learn more about how offering post-65 retiree insurance to your employees can benefit everyone involved!
Choosing a retirement solution for your small business can be a difficult decision. There are many factors that come into play, like the size and number of employees in your company, as well as their age and health needs. One option that you may want to consider is offering post-65 retiree insurance to your employees.
What is Post-65 Retiree Insurance?
Post-65 retiree insurance is a medical insurance policy that covers health care costs for an employee after they turn 65. This type of coverage can be offered through a group medical or group insurance plan and typically includes Medicare supplement coverage.
Post-65 retiree insurance is used as a form of retirement planning for small business owners, who wish to offer their employees the opportunity to be insured in the event they become ill after retirement.
Another reason businesses may choose to offer post-65 retiree coverage is that it helps reduce their future healthcare costs by providing these benefits at a discounted rate.
The premiums for this type of plan are usually lower than those offered through an individual or private plan because it’s considered an employer benefit rather than an individual purchase.
How Does Post-65 Retiree Insurance Benefit Employers?
As a business owner, you want to offer your employees the best possible benefits. And, while many employers are now offering Medicare comprehensive coverage, which is designed for retirees and their families, it’s not always the right choice for everyone.
This type of plan offers medical insurance and prescription drug coverage but doesn’t cover vision or dental care – which may be important if your employees have children under 18 years old who are still covered by Medicaid or if they need a fill-in for glasses or dentures as adults.
Group medical insurance plans can provide more comprehensive coverage and typically cover vision and dental care, but often don’t include prescription drug benefits, which is essential for some people.
So, what is the best solution? There are two main choices: post-65 retiree insurance (or retiree medical) and group medical insurance that includes prescription drug coverage.
The retiree medical policy is designed for older workers with health conditions like arthritis or diabetes that make them ineligible for group coverage because of pre-existing conditions.
Retirees 65+ can sign up for this type of policy at any time from an insurer like Benistar in order to avoid having these conditions show up on their medical records when applying for Medicare parts A & B coverage.
Retirees younger than 65 who already have coverage through an employer or individual medical insurance can also enroll in a retiree medical policy as long as they’ve had continuous employment.
Trust Benistar For All Your Retirement Needs
Since retirement isn’t a given, it’s important that small businesses have the tools necessary to help employees with healthcare in retirement. You can provide your employees with supplemental insurance after they turn 65. By contacting Benistar, you will be able to reduce the burden on your employees and their families by providing them with medical coverage until they become eligible for Medicare coverage.