Since your employees likely aren’t certified Medicare experts, enrollment preparations can be easy for them to put off until the 11th hour.
According to Medicare.gov, External Site if an employee were to sign up late for Medicare, they would pay a penalty premium payment every month for the rest of their lives. Ouch. That amounts to an average 29 percent higher premium. And to top it off, chances are good your employees don't even know this penalty exists.
With that in mind, we want to help you cover your bases when it comes to assisting employees in planning for the future. If it's right for your business, you can even offer retiree programs to set your benefits package apart from the crowd to win prospective talent — and keep it there.
Another way to say thank you for a job well done
When it comes to your business, it’s all about hiring and retaining the best talent. Not only because you want the work to be great, but you want your business to grow and thrive.
When thinking about a comprehensive benefit solution the usual coverage comes to mind: 401 (k), core medical coverage, vision, dental — the works. According to Forbes.com, 60 percent of employees External Site would take a job with lower pay if it meant their benefits improved. Why not add a retiree program to the list of benefit offerings you do have? It’s another great way to show your employees that you care about them, their future and their service to your business.
Become a Medicare mentor for your employees
Trust us: It’s never too early for your employees to start talking about retirement and Medicare.
Connect your employees to trusted resources.For starters, there are a number of free, personalized, non-biased resources for employees who are getting ready to enter into the Medicare market. Consider checking out Senior Health Insurance Information Program External Site (SHIIP — Iowa), Senior Health Information and Insurance Education External Site (SHIINE — South Dakota), for working employees enrolling in Medicare.
Have conversations early — and often.Create an environment in your workplace where employees feel comfortable to seek out information and have it readily available. Wellmark has great resources in the Marketing Toolkit. Just search "Medicare" and choose the pieces (posters, emails, articles and more) that are best for your business. Plus, check out these ready-to-share articles Opens in a new window from BlueSM.
Consider Wellmark’s dedicated Medicare resource.Wellmark has a dedicated Medicare resource you can bring in to:
- Facilitate conversations with your employees.
- Educate retirees.
- Host all-staff or one-on-one meetings.
Want more information or looking to get started? Contact your authorized Wellmark account representative, or email us at firstname.lastname@example.org Send Email.
If you are an employer group outside of the state of Iowa or South Dakota, go to BCBS.com External Site, or call 888-639-2583 to find a Blue Cross Blue Shield plan near you.