Group Portfolio allows organizations to take the first step in offering retirees a choice from an array of group options without moving the retirees to an individual plan.
What is Group Portfolio?
Group Portfolio combines a selection of group Medicare health care plans into one seamless offering to create a customized solution that may meets your needs. Our comprehensive education and enrollment support from our customer care professionals and easy to understand tools and resources can help retirees choose the right plan for them.
What are the plan offerings?
Multiple group plans can be offered to retirees; including:
Medicare Advantage plans:
- Group plans are available offering a wide range of benefit designs and price points often at a lower cost than traditional employer plans
- Local, regional, and national plans available with or without Part D prescription drug benefits
- Convenience of a single coordinated plan for all medical and prescription drug coverage with a single ID card and limits on out-of-pocket expenses
- Coverage is available for popular, value-add benefits not covered by Original Medicare (Some examples include: eyewear, hearing aids, dental, fitness, 24/7 NurseLine Services, and more)
Group Part D prescription drug plans and Rx Wraps:
- Flexible group plans that allow for choices in copays, gap coverage, drug formularies, buy-up options and employer/union contribution
- Typically lower cost than traditional employer group prescription drug plans
- Formularies specially designed to serve the unique needs of Medicare-eligible adults
- Gap coverage options with the Fully Insured Rx Wrap, Self- Funded Rx Wrap and custom coverage in the gap
Senior Supplement plans:
How can the Group Portfolio benefit my organization?
- Offers plan design flexibility with 16 standard plans and custom plans available for larger groups
- A single national plan design and national insured premium rate, offering consistent benefits to your retirees and eligible dependents
- Coverage is available for vision, hearing and chiropractic care at an additional cost
- Unique value added services offered at no additional cost may include a treatment decision support program and a solution for caregivers program
Our goal is to help you achieve your financial targets and realize greater operational efficiencies, while supporting a smooth and positive health care coverage experience for your retirees to a group plan.
How does it benefit retirees?
- Service. We provide a superior customer experience for your retirees that is simple and easy. We combine leading-edge retiree educational materials and retiree-focused call center support and open enrollment meeting support.
- Choice. We offer one of the broadest portfolios of group health insurance products available. This helps provide a meaningful choice that does not overwhelm retirees.
- Flexibility. We can customize the engagement strategy based on your needs and goals.
- Simplified Administration. A one-stop shop for multiple product offerings, plus in-house banking and record keeping for employer-defined subsidies through Retirement Reimbursement Accounts (RRAs)
- Financial Integration. As an option, we offer in-housing banking and record keeping services that make the administration of employer-defined retiree accounts easy.
Your retirees are able to be in a group health coverage that best fits their needs and budget. Retirees can benefit from:
What is Part D with a Wrap plan?
- A Medicare-focused customer care call center that can help retirees understand their options, enroll in a plan and understand their new plan.
- A customer care staff that is trained in sensitivity so they understand the challenges a retiree may be faced with and provide no call time limits so the retiree receives their full attention.
- A simple retiree experience by having one company administering their Medicare Advantage, Part D and Medicare Supplement benefits. Retirees won't have the hassle of dealing with multiple companies for their health care.
- Easy to understand materials that fully explains the products to choose the right plan for them.
This combination enables the plan sponsor to take advantage of the pharmaceutical manufacturers' 50% discount program for Part D covered brand-name drugs in the coverage gap (aka the "donut hole") while providing additional coverage for members during the coverage gap, providing the lowest total cost solution for a given level of coverage.
What is a Retiree Reimbursement Account?
You can help your retirees pay for medical expenses for their group plan with tax-advantaged retiree reimbursement accounts through our financial services (subject to qualification). Our RRAs offer automated monthly premium payments, reducing your administration. RRAs offer tremendous flexibility in level and frequency of financial support.
Learn more about the Group Portfolio Product
Talk with a representative to discover how the Group Portfolio product can help you.
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