Beacon Retiree Benefits Group, LLC specializes in post 65 group retiree medical and prescription drug plans. Our firm works with mid-to-large size public and private sector employers, unions and associations. We combine our consultative services in designing creative, cost effective solutions with our implementation, administrative, communication, educational and call center services.
Beacon Retiree Benefits Group will first seek to understand your existing programs for Medicare-eligible retirees, including the objectives and requirements of those offerings. These plans may be collectively-bargained and have little flexibility in design and structure, subject to changes that evolve with benefits for active employees or could be completely voluntary in nature. Once we understand the scope and function of the existing plans, we can evaluate the financial and administrative efficiencies of the programs in-place and determine whether there are cost-saving alternatives that would also maintain the goals and requirements of the underlying plans.
Our efforts include comprehensive reviews of standard and custom-designed Medicare supplement and Medicare Advantage plans as well as Prescription Drug Plans that take advantage of savings available through Medicare Part D (Employer Group Waiver Plans) or RDS (Retiree Drug Subsidy) plans. We find that most employers are not taking advantage of all available cost-saving measures, federal subsidies, pharmaceutical manufacturer reimbursements and discounts.
Where retiree contributions are involved, there might also be less expensive options that can be implemented as alternatives even if they do not meet the baseline requirements of collectively bargained plans. In other words, retirees will often migrate voluntarily to less expensive options, where they perceive there is more value, especially if they do not forfeit the right of returning to the “Base” plan at a future open enrollment.
Ultimately, each of our strategic plans is a unique creation that is designed to meet the needs of our employer, union or association group client.