Medicare in the Workplace
If one of your employees is interested in opting out of your company’s group plan and applying for Medicare, there are things that your company should consider.
At Excell Benefit Group, we have extensive experience working with companies who have employees that are considering switching to Medicare. For companies with fewer than 20 employees, Medicare is typically the primary insurance provider.
At one point, your employees may mature and become eligible to switch from your group health insurance coverage to a Medicare insurance plan. In most cases, this is beneficial to both the employee and the business. While a company is not legally allowed to encourage an employee to switch from a group health insurance plan to Medicare coverage, the switch may lower your company’s health insurance premiums.
A company must be mindful, though, of how losing a participant in their group health insurance plan will change the demographics of their group. If you would like to learn more about how an employee switching to Medicare could have an effect on your business, speak to an Excell Benefit Group representative. We will learn more about your company and employees, and we look forward to providing you with an assessment of how Medicare could affect your business.