Towers Watson One Exchange for Chevron Retirees

[LostDollar]

"You can use the money in your HRA to help pay the monthly premiums for your Medicare Part B".

It says the money can be used to pay for Part B. $94 won't even be enough to pay for Part B. If they sign up for Part B through One Exchange to take advantage of the HRA, wouldn't they then be free to buy their Med Supp elsewhere. Might be worth a phone call.

re p67: One MUST enroll in the MEDICAL coverage when it is first offered by OneExchange and keep that enrollment, or you lose entitlement to the HRA.

I can't quite get my head around all the companies involved, but it seems like a clever scheme to provide some kind of controlled access to, and recycling of, the health ins premium dollars coming from the company.

 

[SammyJ]

My fathers state ins plan was transferred to Aon.He had a wide choice of med sups and part D's. His employer pays $5k a yr towards his sups and other benefits. My question is why would a person buy a med sup with an agent and not use a Aon or One exchange?

 

[goillini52]

With AT&T and GE that wasn't an option. But they have different deals with all the companies.

I don't remember who did Whirlpool's but it was a terrible deal compared to AT&T and GE.

Well, it's an option with Chevron and I'm pretty sure that Part B is health insurance. I just think that's a loophole to allow them to buy a Med Supp from someone other than One Exchange.

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re p67: One MUST enroll in the MEDICAL coverage when it is first offered by OneExchange and keep that enrollment, or you lose entitlement to the HRA.

I can't quite get my head around all the companies involved, but it seems like a clever scheme to provide some kind of controlled access to, and recycling of, the health ins premium dollars coming from the company.

Seems like it's a convenience to the company(in this case Chevron)by outsourcing it, but in turn often screw the retiree by limiting their choices of overpriced choices.

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My fathers state ins plan was transferred to Aon.He had a wide choice of med sups and part D's. His employer pays $5k a yr towards his sups and other benefits. My question is why would a person buy a med sup with an agent and not use a Aon or One exchange?

Not everybody gets as good of a deal as your dad. This guy gets $1128 a year. These outfits like Aon and One Exchange have fewer companies to choose from and they charge more than you could go out and buy it for from an independent agent.

I think a lot of palms are being grease throughout the whole cycle.

 

[jdeasy]

Well, it's an option with Chevron and I'm pretty sure that Part B is health insurance. I just think that's a loophole to allow them to buy a Med Supp from someone other than One Exchange.

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Seems like it's a convenience to the company(in this case Chevron)by outsourcing it, but in turn often screw the retiree by limiting their choices of overpriced choices.

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Not everybody gets as good of a deal as your dad. This guy gets $1128 a year. These outfits like Aon and One Exchange have fewer companies to choose from and they charge more than you could go out and buy it for from an independent agent.

I think a lot of palms are being grease throughout the whole cycle.

Whatever the rules are. I'm dealing with another GE retiree right now. He has to buy something from One Exchange, dental, eyeglasses, Part D, MA plan or med sup to get the reimbursement. The reimbursement is $1000/yr.

I have all the forms to help them with the reimbursement and I take care of faxing them in. If you don't do all that then they just go thru the exchange because they will do it for them.

I did a bunch of them last Oct thru Jan. I had an in with the local plant. Most were GI and I used Aetna. Even at 11% commission it was a good deal. But moreso for the life plans I sold be referral and direct. Last count was about $30K.

That 3/4% commission now with Aetna makes one take a hard look at other companies. The guy I'm dealing with now is underwritten so I'll use Aetna.

 

[goillini52]

Whatever the rules are. I'm dealing with another GE retiree right now. He has to buy something from One Exchange, dental, eyeglasses, Part D, MA plan or med sup to get the reimbursement. The reimbursement is $1000/yr.

I have all the forms to help them with the reimbursement and I take care of faxing them in. If you don't do all that then they just go thru the exchange because they will do it for them.

I did a bunch of them last Oct thru Jan. I had an in with the local plant. Most were GI and I used Aetna. Even at 11% commission it was a good deal. But moreso for the life plans I sold be referral and direct. Last count was about $30K.

That 3/4% commission now with Aetna makes one take a hard look at other companies. The guy I'm dealing with now is underwritten so I'll use Aetna.

They obviously don't want the GI business. You might want to look at CHLIC. Don't know what the rates are like in KY for Cigna Health(competitive here), but they're the only company in IL(along with ARLIC, but ARLIC rates are high) that pays full commission on GI, so I assume they do there too.

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Just checked, they do pay full commission in KY.

 

[TwoCents]

"You can use the money in your HRA to help pay the monthly premiums for your Medicare Part B".

It says the money can be used to pay for Part B. $94 won't even be enough to pay for Part B. If they sign up for Part B through One Exchange to take advantage of the HRA, wouldn't they then be free to buy their Med Supp elsewhere. Might be worth a phone call.

No one's buying Part B from OneExchange. You know that's a gov't benefit, right? Applying the HRA money to your Part B premium is just one option, but you have to be eligible to receive the funds to begin with and that includes buying medical coverage through OneExchange.

 

[goillini52]

No one's buying Part B from OneExchange. You know that's a gov't benefit, right? Applying the HRA money to your Part B premium is just one option, but you have to be eligible to receive the funds to begin with and that includes buying medical coverage through OneExchange.

Part B's a government benefit? Where'd you hear that nonsense...on the internet? You can't believe everything you read on the internet.

It clearly says that the $94 a month can be applied to their Part B premium through (I never said from) reimbursement from One Exchange. Don't you think that Part B is medical coverage? Since the $94 won't even cover the Part B premium, there isn't any left to buy a Med Supp, so why would they have to buy the Med Supp through One Exchange with their own money?

Maybe it won't work that way, but the way I read it, it could. It's worth checking out. Just curious...how do you know that no one's buying Part B through One Exchange?


Part B a Government benefit...hahaha, that made my day.

 

[TwoCents]

Part B's a government benefit? Where'd you hear that nonsense...on the internet? You can't believe everything you read on the internet.

It clearly says that the $94 a month can be applied to their Part B premium through (I never said from) reimbursement from One Exchange. Don't you think that Part B is medical coverage? Since the $94 won't even cover the Part B premium, there isn't any left to buy a Med Supp, so why would they have to buy the Med Supp through One Exchange with their own money?

Maybe it won't work that way, but the way I read it, it could. It's worth checking out. Just curious...how do you know that no one's buying Part B through One Exchange?


Part B a Government benefit...hahaha, that made my day.

Glad I could spread some joy into the world.

For the first year a person might be able to get away with not buying anything from OneExchange, but by doing that you're messing with subsequent years:

HRA eligibility requirements
You and your eligible dependents are eligible for the HRA if all of the following apply to you:
•
You qualify as an eligible retiree and you and/or your dependent are post-65 and eligible to participate in the medical coverage offered through OneExchange.
•
You and/or your dependent are eligible to receive a company contribution to your retiree medical coverage.

But for additional years these requirements have to be met: You must be enrolled in at least medical coverage through OneExchange. You must enroll in medical coverage when first offered the opportunity to enroll through OneExchange (See Page 68-69 for two exceptions). [Plus like 2 more.]

Now in the long run $94/month might be small potatoes to some/most so it might not even be worth it for the client to fool with OneExchange. But the fact remains that you have to qualify for the money before it will be available for use.

 

[goillini52]

Glad I could spread some joy into the world.

For the first year a person might be able to get away with not buying anything from OneExchange, but by doing that you're messing with subsequent years:

HRA eligibility requirements
You and your eligible dependents are eligible for the HRA if all of the following apply to you:
•
You qualify as an eligible retiree and you and/or your dependent are post-65 and eligible to participate in the medical coverage offered through OneExchange.
•
You and/or your dependent are eligible to receive a company contribution to your retiree medical coverage.

But for additional years these requirements have to be met: You must be enrolled in at least medical coverage through OneExchange. You must enroll in medical coverage when first offered the opportunity to enroll through OneExchange (See Page 68-69 for two exceptions). [Plus like 2 more.]

Now in the long run $94/month might be small potatoes to some/most so it might not even be worth it for the client to fool with OneExchange. But the fact remains that you have to qualify for the money before it will be available for use.

My point is that they say the $94 has to be used toward medical insurance and Part B is medical insurance. The OP should make a call and pose the question.

I agree with you that at some point it might not be worth the $94 a month to mess with One Exchange...like when they push an already overpriced MOFO Med Supp on you and 3 years later its more than $94 higher than you could buy a Med Supp for from an independent agent.