A retiree health care solution for today’s economy

It’s a problem that spans the nation — affecting cities, counties and states — from school board offices to police and fire departments: How do public entities efficiently and effectively provide retiree health care benefits?

Historically, public entities have provided retiree health care through traditional group plans, offered by private insurance companies and administered by the plan sponsor. Retirees are offered one-size-fits-all coverage with a standard premium often reduced by subsidies provided by the plan sponsor. It’s a structure that has led to significant costs for retirees and large OPEB liabilities for these organizations.

Today, a growing number of public entities and retirement systems are finding substantial savings by moving away from the traditional group health care insurance model to a significantly more affordable solution: an individual Medicare marketplace. It’s a move that has saved public sector organizations billions in OPEB liabilities while offering retirees access to a more personalized health care experience often with lower premiums and less out-of-pocket cost.

However, happier retirees and reduced OPEB liabilities are just the beginning of the financial benefits of an individual Medicare marketplace. It’s a win-win that addresses a number of large public sector challenges.

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