During a Ohio State Teachers Retirement Services event my Wife Debbie who has worked many years with Ohio teachers as a financial advisor heard this from an Administrator of the STRS Plan.  "Your pension benefits are guaranteed but your health benefits are not."

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Like many fortune 500 companies, Coca Cola, AT&T, GE, Dupont, their retiree benefit health plans are becoming to expensive to operate.  Those above mention companies among others have decided to stop administering retiree health plans when retirees turn age 65 and receive Medicare.  They might help with a monthly subsidy amount of some kind $100, $200 depending on years of service.  But for the most part what there telling their retirees is, get Medicare and use the money to help with it, so long and happy retirement.

 

STRS could be heading in that same direction.  If there are cutbacks to be made retiree health benefits will be the first to go.

 

As an health agent working with Teachers for the most part I would help their spouses with plans to help with Medicare but they would resist looking at those options for themselves.

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They worked 30 some years for those health benefits and there is no way there going to lose them!

 

Rookie FACT: Did you know as a Ohio STRS employee you can opt out of your health plan and have the option next enrollment period (Nov 1st - 26th) to enroll back the following year.

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There is a lot of information to cover on this topic.  I have included a video presentation that shows a side my side comparison of a 30 year service Ohio STRS employee plan and how it compares to Medicare with a Medicare Supplement plan or with a Medicare Advantage Plan.

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The Conclusion: A Medicare Supplement Plan offers better coverage for the same premium cost of an STRS plan.  See comparison chart here.

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The Medicare Supplement Plan also will give more options when it comes to travel as the plan travels with you no HMO network you can go to any doctor or hospital that accepts Medicare.

 

The Medicare Advantage Plan offers greater saving for the same type of health coverage as STRS plan.  See comparison chart here.

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The Medicare Advantage Plan offers extras like dental, vision, free transportation, free gym membership, hearing aids, product benefits credits for over the counter items.  STRS offers dental and vision for an extra premium cost.

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If you presently have an Ohio STRS health plan and would like to look at what options you have during the next new enrollment period just click on the No-Cost Consultation button below to submit your information or contact us at 216-659-7230 or by email at dave@evergreenrs.net

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