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Now that the federal government has made available Medicare Part C and Medicare Part D it became possible to develop a "group" plan that brings significant benefits to retirees. We now offer a group plan that has advantages for both the retiree and their sponsoring organization, such as:

  • Enrollment is not limited to any specific dates, it is “open enrollment”
  • Enrollment is not limited geographically
  • The plan is a “private fee-for-service” plan, not an HMO or “network” (ie: PPO, EPO)
  • The plan is good anywhere in the country
  • The drug plan has no deductible and pays for generics during the “donut hole”
  • The premium can be paid by either the retiree or their sponsoring organization
  • Since it is a group plan, it must be sponsored by an eligible organization such as an employer, a union, or by some associations. The most significant requirement is that the organization files a form 5500 every year and resides in our trading area in New York State. For more information call 1-888-376-6020.


    In 1990 the Financial Accounting Standards Board (FASB) issued a statement entitled "Employers Accounting for Post-Retirement Benefits Other than Pensions (FASB 106)". Imposed by this ruling is the requirement that employers begin accruing the projected cost of post-retirement benefits during an employee's working career. The employer should value the cost of post-retirement benefits and place the results in their financial statements as a liability.

    Some employers have looked for ways to systematically fund these liabilities while most are actively seeking ways to reduce the cost. One method of implementing FASB 106 requirements is the employer choosing to "policy insure" for its retirees. This has a dual benefit. First, the liability is a known (therefore "controlled") cost - the premium. Second, rather than reducing benefits, benefits may improve.

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