Insurance Agent Forum

[insurance0707]

Does anyone know anything about Group Retiree medical plans? I'm meeting with someone next week about them. Would like any info you might have before my meeting. Here's the only thing I know about them....

Medicare was enacted July 1, 1966. On December 15, 1992 the Federal Government enacted an FAS 106 post-retirement medical and life liability law. This law states that any employer who maintains post-retirement benefit plans are required to recognize these liabilities on their balance sheets in accordance with FAS 106 guidelines. Due to the financial stress it creates to employers, Group Retiree Medical Plan programs have become a popular alternative.

I guess Senior Choice is one company that is offering the. Anyone heard of Senior Choice?

[insurance0707]

I just googled it and found this info about it....


Seniors Choice retiree medical retiree program is underwritten by PacifiCare Life and Health Insurance Company. This program will reduce the out-of-pocket cost by reimbursing many of the medical expenses not paid in full by Medicare. Senior Choice also has an optional drug card available for purchase. Seniors Choice is designed solely for the use of employer groups and is not to be sold to individuals as a Medicare Supplement.

Is anyone writing these plans?

[arnguy]

Isn't Pacificcare a United Healthcare Company?

[insurance0707]

Yes, they were bought out by United Health Care about one year ago. From my little bit of understanding...you can offer a guaranteed issue Medicare supplement with drug coverage to group retiree's. The premiums are usually a lot less than what the companies are currently paying. I'm trying to find out if the drug coverage is like a Part D plan or if it's a traditional drug plan with no gap in coverage/doughnut hole. I'll know more about it after Monday, but I was hoping to learn more before I meet with the MGA.