Post-65 Retirees & Medicare
Many employers today face a struggle between the desire to offer medical benefits to their retirees vs. the cost of being able to do so while managing budgets effectively.
ICSO H&W Plan is proud to have the services of Via Benefits (division of Willis Towers Watson) to provide services to Post-65 retirees (and eligible spouses). This relationship gives our members access to a wide variety of plans in the Medicare marketplace.
What is it?
- For the Employer: A method to offer each retiree a specified amount of money to purchase their own, personal Medicare supplement policy, while controlling the costs for the employer.
- For the Retiree: Access to the services of licensed benefit professionals who work individually with each retiree providing customized Medicare programs that best fit their needs.
What are the requirements?
- Eligible retirees and spouses must be Medicare enrolled and have attained the age of 65.
How does it work?
- Participating employer selects a funding level for their retirees (see funding levels below).
- Funds are allocated into a Health Reimbursement Arrangement (HRA).
- Retiree can access funds to pay for Medicare Supplement premiums, prescriptions, copays, dental & vision costs, and other eligible out-of-pocket expenses.
- All retirees are provided with detailed enrollment & funding guides, along with access to licensed health agents.
What is the cost?
- Employers choose one of the following funding levels for their retirees and eligible spouses. Funding amounts can be reviewed and changed on an annual basis.
| Via Benefits Health HRA Funding Options: | Option 1 | Option 2 | Option 3 | Option 4 | Option 5 |
| Single Retiree HRA Funding | $2,400 | $3,685 | $4,125 | $5,000 | TBD by ER |
| Retiree/Spouse HRA Funding | $4,800 | $7,370 | $8,250 | $10,000 | Single x2 |
| Administrative Fee* – Per retiree: $500 | |||||
*HRA account administrative fee is in addition to HRA funding
