The rising cost of retiree health care is forcing many employers to reconsider offering benefits to their retirees. With a CONEXIS retiree health reimbursement arrangement (HRA), you can keep your benefits promise to your retirees while saving significant money for your organization.
Retiree HRAs are similar to other reimbursement accounts, but they’re funded solely by employers. As the plan sponsor, you get to decide which eligible expenses will be covered, how much you will contribute, if the plan will include a roll-over feature, and other key plan components.
Most importantly, 100 percent of reimbursements are tax-deductible for the employer and contributions are tax-free to the participant — resulting in significant savings for your organization.
And the CONEXIS retiree HRA program takes your savings one step further. We have a program that includes a built-in conversion service that helps your retirees switch from your group retiree plan to individual Medicare supplemental plans and Medigap policies.
Along with HealthCompare, a Medicare decision support provider, we work with your retirees to make the coverage switch easy and worry-free. Your retirees get the coverage they want, and you get the peace of mind that comes with knowing that you’ll continue to help your retirees pay for their health care costs while driving your premium costs way down.
A retiree HRA gives your retirees the power to make their own health care decisions. They can choose to use the funds in their account to pay for eligible HRA expenses, like prescriptions and medical devices, or they can use the funds to pay for Medicare premiums, co-pays, and deductibles. And when you offer the CONEXIS Elite Visa® Benefit Card, you give your retirees instant access to the funds in their account.