EBIS Search Results
To order copies of these articles, use the online order form or contact the Document Delivery Service at bookstore@ifebp.org or (888) 334-3327, option 4.
These executive summaries were compiled from EMPLOYEE BENEFITS INFOSOURCE database, a source for information on employee benefits and human resources.
Employer Group Waiver Plan Provides Alternative Retiree Drug Benefit Strategy.
Marcus, Ilene; Dorholt, Mary; Benefits & Compensation Digest; v45 no10 pp 16-17, 19-21 October 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
The introduction of Medicare prescription coverage has many employers grappling with the best way to provide drug benefits to retirees. While some employers would be content to accept a subsidy for offering prescription coverage for retirees, it may make sense for some employers to consider an Employee Group Waiver Plan (EGWP) as an option. EGWP advantages include financial savings--especially for nontaxpaying entities such as unions and local governments--and flexibility of benefit design for prescription plan sponsors. EGWP’s flexibility can act as a tool for employers to meet obligations for retirees and also act as a transitional step for broader drug benefit changes. Pharmacy benefit managers can assist plan sponsors to examine the most suitable option for employers in terms of plan design and meeting financial objectives.
[0154977]
Strategic Health Planning: A Guide for Senior Executives.
Abbott, Randall K.; Journal of Compensation and Benefits; v24 no4 pp 16-23 Jul-Aug 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
Transferring more of health care costs to employees does not change the cost or pinpoint what is driving the rise in costs. For company executives to better understand those drivers, they need to look into the health claims data the company is collecting. With that data, they can try to identify the health conditions responsible for rising costs and how the company can better address those conditions. Another area to reconsider with the passage of Medicare Part D for prescription drugs is continuing to provide retiree health coverage. Companies can target wellness initiatives for certain medical conditions, and larger employers can look into establishing onsite health clinics to improve participation in preventive services and cut absenteeism.
[0154620]
2008 Segal Medicare Part D Survey of Multiemployer Health Funds.
2 pp Summer 2008; misc. publication
Availability :
International Foundation of Employee Benefit Plans
Abstract :
The Segal Company has released the results of the 2008 Segal Medicare Part D Survey of Multiemployer Health Funds. In 2008, 68 percent of survey respondents accepted the Retiree Drug Subsidy, down slightly from 72 percent in 2007 and 71 percent in 2006. Contracting with Medicare prescription drug plans or Medicare Advantage prescription drug plans was slightly more common than in 2007, with 16 percent of multiemployer plans choosing to do so. As in 2007, no respondents chose to become a Medicare prescription drug plan and only one percent eliminated retiree drug coverage in 2008.
[0154416]
Savings Needed to Fund Health Insurance and Health Care Expenses in Retirement: Findings From a Simulation Model.
Fronstin, Paul; Salisbury, Dallas; VanDerhei, Jack; EBRI Issue Brief; no317 pp 1-27 May 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
A study simulated savings retirees need for health care costs and insurance coverage separates results according to whether retirees purchase Medicare supplements on their own or they are provided by an employer. Couples buying Medigap and Medicare Part D drug coverage must spend $194,000 for coverage that will be sufficient just half the time. For 90 percent certainty, they must spend $635,000. Those paying premiums for employer-sponsored supplemental benefits must anticipate $154,000 for coverage surety half the time, or $376,000 for 90 percent certainty. Those planning to purchase coverage in 2018 should plan on costs ranging from $325,000 to $1,064,000 for 50 percent to 90 percent coverage certainty. Individually, women face higher costs than men. Higher costs and lower availability of employer-based retiree benefits are leading more older employees to delay retirement.
[0154441]
Cost, Administrative Burdens Prompting Employers to Look Beyond Drug Subsidy.
Wojcik, Joanne; Business Insurance; v42 no4 p 20 Jan 28, 2008; journal article
Availability :
International Foundation of Employee Benefit Plans
Abstract :
With more time to consider alternatives, many employers are choosing not to take the Medicare Retiree Drug Subsidy (RDS). Commercial prescription drug plans (PDPs) are becoming more available and offer some advantages over the RDS. Employers with contribution caps who could not offer retirees benefits equivalent to Medicare Part D may find commercial PDPs appealing, despite the tax disadvantage relative to the RDS. Some employers are adopting dual strategies using the RDS for some employees and PDPs for others. Public sector employers, who cannot apply RDS payments to retiree health liabilities, may find PDPs lower plan costs and trim future health care cost obligations.
[0153391]