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[EXTERNAL LINK] - More Retiree Health Plans Move Away From Traditional Medicare
IBM introduced two new Medicare Advantage plans this year for its large retired work force, replacing a plan that paid for supplemental Medigap coverage along with prescription drugs, dental and vision.
IBM retirees were given the option to stick with the old benefit — but they would lose access to balances in their health reimbursement arrangements, an employer-funded plan that reimburses certain medical expenses and insurance premiums. In most cases, employers retain the right to change this type of benefit, says Trevis Parson, chief actuary for individual marketplace business at the benefits consulting firm Willis Towers Watson.
IBM introduced two new Medicare Advantage plans this year for its large retired work force, replacing a plan that paid for supplemental Medigap coverage along with prescription drugs, dental and vision.
IBM retirees were given the option to stick with the old benefit — but they would lose access to balances in their health reimbursement arrangements, an employer-funded plan that reimburses certain medical expenses and insurance premiums. In most cases, employers retain the right to change this type of benefit, says Trevis Parson, chief actuary for individual marketplace business at the benefits consulting firm Willis Towers Watson.