Detroit Retiree Insurance
Detroit Retiree Insurance is currently taking some hits in the news, talking about how there is currently 5.7 billion in unfunded retiree healthcare liabilities, nearly 1/3 of Detroit's debt. Currently there are almost 20,000 retirees in Detroit that will be pushed towards the exchanges for their insurance options due to Detroit Retiree Insurance issues.
Life most companies that have promised to cover retiree benefits, Detroit is struggling to live up to the promise that was made when insurance rates where not increasing at 10% per year and MRIs where not costing $2,000 a pop. Most municipalities, unions, companies and associations are changing over to Individual Medicare Supplement Plans or Group Retiree Medical Plans that are sponsored by the group but not funded by the group.Detroit Retiree Insurance - Could either of these options work?
- Individual Medicare Supplements - yes, this is an option that would take the liability off the the Detroit Retiree Insurance fund. However, it would put the premium payments on the back of the individual. No one wants to suggest this option because they would not receive votes the following year.
- Group Retiree Medical Plan - this would be another option that would work but would cost the individuals and would not be appreciated by the workforce that contributed to the city of Detroit!
Can an individual currently on the Detroit Retiree Insurance Plan switch to a Medicare Supplement or another supplemental plan?
The answer is yes! These individuals can go to another plan stating that they are in good health. You may be wondering what if their health is bad - is there any option? Yes the option is to purchase a BAI Guaranteed Issue plan. To learn more about these plans you can click here.
If you need help with your health insurance options don't hesitate to call us at 1-877-936-2991. We provide insurance solutions in all 50 states and are not limited by one company. We are a brokerage that represents hundreds of companies and provides you with a quote engine that shows you which plan has the lowest premiums with the best benefits.