Group health insurers should be prepared to see an increase in the percentage of older plan participants who will stay in the plans past age 65.
Deft Research L.L.C., Minneapolis, comes to that conclusion in a summary of results from a May survey of 1,469 workers ages 63 to 64.
“Age-ins” are plan participants who are about to turn 65 and must start making decisions about Medicare, Deft says.
The percentage of 63-year-old and 64-year-old workers who hope to continue working past age 65 has increased to 55%, up from 43% a year ago, Deft says.
About 52% of the older workers who want to continue working want to stay in their employers’ group health plans, and 48% are expecting to buy Medicare supplement or Medicare Advantage coverage, Deft says.
That trend could increase competitive pressures for carriers hoping to sell Medicare coverage, Deft says.
In other benefits news:
- Principal Financial Group Inc., Des Moines, Iowa, has released two retirement benefits tools.
One, a Fair Value Measurement Analysis Tool, is a Web-based service that helps financial professionals and their clients comply with Employee Retirement Income Security Act fair value requirements and the Fair Value Measurement requirements in Financial Accounting Standard Number 157.
Another new tool is an income annuity paper aimed at plan sponsors.
The paper talks about how employers can use income annuities to stretch out employees’ retirement income without increasing administrative burdens.
- Renaissance Life & Health Insurance Company of America, a unit of Renaissance Health Service Corp., Okemos, Mich., has published a paper that discusses retiree oral health and dental benefits concerns.
Renaissance recently introduced a retiree-paid retiree dental benefits program.