Ohio Public Employees Retirement System Selects a Towers Watson Company to Administer OPERS Medicare Connector
October 01 2014 - 9:36AM
Business Wire
More than 145,000 retirees will be able to purchase Medicare
Advantage or supplement plans on the individual Medicare market
beginning in 2016
The Ohio Public Employees Retirement System (OPERS) has selected
Extend Health, Inc., a Towers Watson (NYSE, NASDAQ: TW) company, to
deliver and manage a private Medicare exchange, or connector, for
its 145,000 Medicare-eligible retirees and spouses beginning in
2016. The OPERS Medicare Connector will use Towers Watson’s
OneExchange (formerly the Extend Health Medicare exchange) to
provide retirees with access to plans on the individual Medicare
market, one of several changes adopted by OPERS to offer more
health care plan choices at affordable prices.
Extend Health became a Towers Watson company in 2012. Towers
Watson’s OneExchange is the nation’s largest and longest-standing
private Medicare exchange. OPERS, with $88.6 billion in assets, is
the largest public pension fund in Ohio and the 11th-largest public
pension fund in the United States.
“For months, we’ve been telling our retirees about the OPERS
Medicare Connector concept, and working with Towers Watson makes it
a reality,” said OPERS Executive Director Karen Carraher. “OPERS’
current and future Medicare-eligible retirees will save money and
will have a wider selection of health care programs from which to
choose.”
The OPERS Medicare Connector will go live for OPERS retirees in
the fall of 2015 for the plan year 2016. Participants will be able
to select, purchase and enroll in Medicare Advantage or a Medigap
plan, and a Part D prescription drug plan. OneExchange licensed
benefit advisors will provide retirees with one-on-one
consultations to help them find plans that are right for them based
on their needs and budget. Eligible retirees will receive a monthly
allowance through a health reimbursement account (HRA) for paying
premiums and other qualified out-of-pocket medical expenses.
Retirees can also select dental and vision plans through the
Connector, and use HRA funds to purchase them, or continue to
select the OPERS group dental and vision plans.
OPERS announced a transition to a private Medicare connector in
2012 as part of a series of changes to preserve its retiree health
care coverage for the future.
“We knew we needed an outside company to help administer the
Connector, and Towers Watson has a proven track record of success,”
Carraher said. “Our retirees are going to have the opportunity to
select the Medicare plan that best suits their individual needs,
and they’re going to have an expert stand with them and help them
make those choices. They’ll also have the reassurance that OPERS
will be behind the Connector, and will work to ensure
responsiveness and peace of mind.”
Towers Watson's OneExchange for Medicare-eligible individuals
offers thousands of private Medicare plans from more than 90 top
national and regional health insurers. Licensed benefit advisors
and online decision support provide personalized guidance to
retirees. The exchange is fully integrated electronically with its
carrier partners, which speeds enrollment and ongoing
administration. More than 1,100 employers have adopted OneExchange,
which serves hundreds of thousands of retirees as well as part-time
and full-time active employees.
“Public pension funds across the country are seeking sustainable
ways to protect the financial futures of their retirees,” said
Towers Watson Managing Director Bryce Williams. “We commend Ohio
for being a national leader in ensuring its retirees access to more
comprehensive and affordable health plan options, and for its
commitment to making the transition as smooth as possible.”
ABOUT OPERS
With $88.6 billion in assets, OPERS is the largest public
pension fund in Ohio and the 11th-largest public pension fund in
the United States. OPERS provides retirement, disability and
survivor benefits for more than 1 million public employees. OPERS
can be found on the web at OPERS.org.
ABOUT TOWERS WATSON
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. The company offers consulting, technology and solutions
in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates
around the world and is located on the web at towerswatson.com.
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Media Contacts for Towers Watson:Rob Wyse, +1 212 920
1470rob@capital-content.comorMelanie Meharchand, +1 650 292
8717melanie.meharchand@towerswatson.comorMedia Contact for
OPERS:Julie Graham-Price, +1 614 228 0388jprice@opers.org
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