On January 1, TI will transition retiree health care coverage for age 65 or older retirees from the TI group retiree health plan to OneExchange, the largest private independent health care exchange in the U.S.
This change will affect all current age 65 and older retirees and their eligible dependents. It will also affect future retirees who are eligible for the TI retiree health benefit when they become Medicare-eligible at age 65.
Under this new arrangement, these retirees will be able to:
- Purchase more comprehensive coverage than the current TI retiree plan provides.
- Select a plan that allows them to stay with their current health care providers.
- Have greater control over how they spend their health care dollars.
- Receive personalized support from licensed benefit advisors.
Letters to Affected Retirees
Letters were mailed August 25 to the homes of retirees who need to take action. The mailings provide details about the transition, a schedule of meetings to be held across the nation and a OneExchange Getting Started Guide to prepare for enrollment.
Click here to view the schedule of the meetings.
The special enrollment period to select medical and/or prescription drug coverage through OneExchange is October 12 to December 31. Dental and vision coverage is also available through OneExchange.
Retiree Reimbursement Accounts
TI will continue to provide similar financial support to what retirees now receive. The contribution will be made through a retiree reimbursement account (RRA).
For eligible retirees, the company will contribute to an individual RRA annually. Each retiree can use the contributions to pay their premiums or other qualified medical expenses. Any unused dollars roll over year-to-year.
Retirees eligible for an RRA contribution from TI will see details in the letter mailed to their homes. You can speak with a benefit advisor at OneExchange to learn about costs for various plan options and how your RRA would apply. (See contact information below.)
What Prompted The Change?
TI has been studying developments in the health care market for several years.
“Private Medicare exchanges have matured to the point that they deliver better value for Medicare-eligible retirees than traditional group plan offerings,” said Ben Carter, vice president for compensation and benefits.
“After talking with other large companies that have made the transition, we firmly believe this new approach will give TI’s Medicare-eligible retirees more choice, control and personalized support. It’s simply a better way to supplement Medicare coverage.”
Ben also said that, at this time, the private exchanges for pre-Medicare retirees are not as well-developed as those for Medicare-eligible retirees, so they do not present a better option than the current TI plan.
Why OneExchange?
OneExchange has 10-plus years of experience and more than 1 million retirees enrolled through its offerings. It provides a large selection of insurance carriers and plans across the country, as well as personalized support through licensed benefit advisors.
To learn more, go to medicare.oneexchange.com/ti.
On this site you can:
- Complete your OneExchange profile.
- View a message from TI Chairman, President & CEO Rich Templeton.
- View a recorded TI retiree meeting presentation.
- Read frequently asked questions.
- Download a retiree meeting schedule.
Call toll-free 844-638-4642 to speak with a OneExchange benefit advisor.