Hi, Toni:
I am employed by Baker Hughes, looking to retire either later this year or early next year. I have a Retiree Medical Account, and the money in it will be moved to One Exchange for them to administer the funds.
I am having a difficult time looking online as to what exactly One Exchange is and how they work. Are you familiar with them? My wife and I will definitely want an appointment with your office to sort out our Medicare approach in retirement and be sure we are making the correct Medicare decisions since we are past 65. We do not want to make a major mistake in what we chose.
Thanks,
Gary from Kingwood, TX
Gary:
The Toni Says® Medicare consultation team is very familiar with the OneExchange Insurance brokerage which mainly markets to large American corporations such as Baker Hughes. The Toni Says® office can help you, Gary, navigate through the OneExchange website to find which Medicare and prescription drug option meets both your and your wife’s Medicare benefit needs.
OneExchange will help a retiree who is turning 65 and has already enrolled in Medicare Parts A and B or over 65 and retiring from employment with that specific employer or when the employer is no longer providing retiree benefits and has set up a HRA to fund the retirees Medicare and Medicare Part D benefits.
The employee who is retiring or the current retirees from that specific OneExchange corporation such as Baker Hughes should receive their Medicare health plan and prescription benefits whether an individual Medicare Supplement or Medicare Advantage plan from OneExchange to receive the HRA reimbursement.
A Health Reimbursement Arrangement (HRA) is an account that has been established for the employee (you) and funded by a company such as Baker Hughes. You can use the funds in your HRA to receive reimbursements for eligible health care expenses up to the allocated amount.
The HRA is tax-free, meaning you do not owe any taxes on the money in your HRA if you meet certain requirements to qualify for the HRA funding.
Once you have enrolled in a Medicare plan through OneExchange, you will then have access to the HRA and use the HRA to reimburse your costs for:
- All or a portion of the monthly premiums for individual Medicare Supplemental insurance, Medicare Advantage plans, Medicare Part D Prescription drug plan
- Medicare Part B or D premiums (if any)
- Eligible medical out of pocket such as coinsurance, co-payments and deductibles
- Dental and/or vision premiums enrolled thru OneExchange
- Your HRA can be used to pay for all IRS Code Section 213 (d) expense.
Gary, be aware that OneExchange has a scoring option in their marketing information to help you evaluate which Medicare plan fits your needs, whether it is a Medicare Supplement or a Medicare Advantage plan. The scoring option asks how your health is today, but it does not ask what your health will be like in the future.
The Toni Says® Medicare team is taught to always review a Medicare client’s prescriptions to determine if one will go in the donut hole. We ask the client to discuss their Medicare options with their various medical specialists.
Remember, Gary, you do not have to make your decision on the first phone call with OneExchange. Research what Medicare option best fits your medical and financial needs.
Toni King, the author of the “new” Medicare Survival Guide® Advanced edition, is offering a free Confused about Medicare workshop DVD with each bundle package at www.tonisays.com. Have any Medicare or Social Security questions, please feel free to reach out to Toni at 832-519-8664 or email info@tonisays.com.
