A Social Security cost-of-living adjustment could have a small but positive impact on retirement planning.
Mercer, a subsidiary of Marsh & McLennan Companies, said that employers who join Mercer Marketplace, a private exchange, will now have an option to offer easy access to individual medical plans both outside of and on the public exchanges for their employees and retirees who do not qualify for sponsored plans.
Mercer Marketplace, which launched in 2013, currently works with 67 employers to provide medical and other benefits to 282,000 employees, retirees, and family members.
"Most employers don't have a single, uniform workforce, but a collection of different groups - including part-timers and retirees, each with a very different set of benefit needs," said Julio A Portalatin, Mercer's President and Chief Executive Officer. "Now, Mercer Marketplace can meet all of these needs through a single point of access. This expanded reach is part of Mercer's commitment to ensuring that all Americans have easy access to the best insurance products available on the market today."
Access to individual medical plans both on and off the public exchanges will be provided by GetInsured, a California-based private company whose technology platform powers state government exchanges and is a federal web-based entity, the Company noted in a release.
"Mercer Marketplace was designed to deliver the leading set of benefits with a simple and satisfying customer experience. One- click digital access coupled with our experienced benefits counselors ensures consumers receive the coverage that's right for them and their families. Individuals can leverage Mercer's considerable buying power to gain real value for the insurance protection they need," said Sharon Cunninghis, leader of Mercer Marketplace Exchange Solutions.
GetInsured has a track record of helping consumers acquire individual and family medical plans, as well as helping them understand the Affordable Care Act, determine their eligibility for public subsidies (advanced premium tax credits), compare their health insurance options, and apply their subsidy to the medical plan that meets their needs.
Earlier this month, Mercer announced the purchase of Transition Assist, a retiree exchange specializing in helping retirees in employer-sponsored plans select Medicare supplemental health care insurance.
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