5 minute read
Braden Mosley

One Simple HR Strategy to Save your Company Thousands Every Month

Are you ready to elevate your career in HR and gain the recognition you deserve?

If you're aiming for a raise, praise, or promotion, adding value to your company in a way that’s recognized by your superiors is key.

What if I told you there was one simple way to:

  1. Increase employee satisfaction by smoothing their transition into retirement
  2. Save your company $10’s of thousands, $100’s of thousands, even $Millions each year (jump to section)

All without adding an extra penny of expenses to your company?

That would be valuable to your superiors, right?

And what if you could show hard data that proves the value you’ve added to the company?

Would it be unreasonable for you to ask for a raise or promotion?

It would be unreasonable not to.

In the next 3 minutes, I’ll explain how a partnership with Midwest Insurance Group can make this happen.

1. Lighten your HR load and boost employee satisfaction

At Midwest Insurance Group, we've helped over 10,000 retirees in the Quad City area navigate Medicare and health insurance.

As the leading advisors in the region, we’ve seen it all.

As a licensed insurance broker, I’ve had countless retirees walk into my office and throw their “post-retirement health coverage” packet on my desk with a confused look on their face and say “please help 😟”

When people retire from your company, they’re supposed to:

  1. Comb through the packet and try to decipher the corporate jargon that describes how their company deals with Medicare, RMCs, HRAs, and more.
  2. Contact Social Security (hour-long hold times) to enroll in Parts A & B of Medicare (hopefully avoiding lifetime penalties)
  3. Understand the difference between Medigap Supplements, Drug plans, and Advantage plans
  4. Choose a plan among a sea of options, all designed for people with slightly different needs
  5. Contact a 1-800 number with questions (where they will be transferred around from one call-center to another, never getting a real answer)

Doing Medicare right on your own is nearly impossible.

This process turns retirement, the day these hard working people have dreamt of for decades, into their primary source of stress.

And you, as an HR professional, would love to help, but you do not have the time or the training to advise them through this process.

At Midwest Insurance Group, we take care of all things Medicare for them.

Our tried and true 4-step process makes Medicare a breeze:

  1. Meet with the client to understand their needs and wants
  2. Advise them on the best available plan(s) for their unique situation
  3. Take action by completing the entire enrollment process
  4. Year-round service: A local expert who will go to bat for them in a world that takes advantage of seniors.

Here's one of my favorite testimonials:

"Wait... you take care of everything for us... and we don't pay you anything... Can we at least take you to dinner?!"

George Lenski

Name changed for anonymity

Internally, a partnership with MIG would lighten the load on your HR department.

When someone comes to you with Medicare questions, you don’t have to life a finger.

Simply hand your employee our {company name} X MIG partnership packet, and they will know they are in good hands.

We will create a seamless transition for each retiree into the world of Medicare.

Your retirees will thank you, and your HR team will have time for more important tasks.

2. Save your company (lots of) money

In addition to smoothing the retirement process, a partnership with MIG could also save your company $10s of thousands, if not $100s of thousands each month.

The average yearly cost of an employer health plan is between ~$9,000 (single) and ~$24,000 (family).[1]

Your company covers about 75-85% of that.

Overall, these plans cost your company roughly $7,000 to $20,000 per person per year.

Minimizing your company’s cost through Medicare

Here’s the key 🔑:

Once an employee turns 65, they are eligible for Medicare… even if they continue working.

Medicare says:

You can delay Medicare coverage and stay on your employer coverage if you work past 65

because they want employers to foot the bill.

But, your employees paid into the Medicare system their entire working life.

They have earned the right to enroll in Medicare.

Each employee that opts out of your employer coverage saves your company $7,000 to $20,000 per year.

But we can’t legally boot employees off our coverage…

This part is important:

Large employers (20+ employees) can’t force their employees to drop their employer coverage for Medicare.

The employee can choose to keep their employer coverage as their primary coverage.

BUT… Many employer plans are inferior to Medicare plans.

  • Higher deductibles
  • Higher max-out-of-pockets
  • Higher co-pays
  • Less Dental

and more.

So, while you may not be able to force your retirees onto Medicare, it may be in their best interest.

Simply recommending they meet with Braden, an MIG broker at no cost, may help them find a Medicare option that works better for them than employer coverage.

How much could you save your company?

Let's run the numbers.

Assuming Medicare offers better plans than your employer coverage, let’s see how much money your company could save by recommending your retirees meet with an MIG broker:

How many employees does your company have (all ages)?
Thank you! Your submission has been received!
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Estimated Annual Savings: 
Or, use the chart below:
The calculations are based on the data in this spreadsheet. The numbers have been simplified and averaged for illustration purposes.

Make an impact with one simple partnership

Imagine the positive impact on your company when you can:

  1. Ease the retirement process for your employees and lighten the load on your HR department
  2. Save your company significant amount of money by guiding them into Medicare

Imagine presenting your boss with hard data on:

  1. The amount of money you have saved the company
  2. The boost in retiree satisfaction ratings

A partnership with Midwest Insurance Group will be both easy and valuable.

Start the conversation with Braden

Contact me today to learn more about how we can level-up your retirement benefits at no cost.

I look forward to meeting you!
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Oops! Something went wrong while submitting the form. Please call me at (563) 287-0502 or email me at braden.mosley@migbrokers.com
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Article Sources

[1]  KFF.org - 2023 Employer Health Benefits Survey - Click here to read

[2]  BLS.gov - Labor Force Statistics from the Current Population Survey - Click here to read