Country, IAA change retiree insurance

Sept. 12--BLOOMINGTON -- A transition for Medicare-eligible retirees of Country Financial and the Illinois Agricultural Association will bring greater choice, flexibility and value, company officials say.

Beginning Jan. 1, those retirees no longer will have medical and prescription drug coverage through a group plan adopted by Country Financial and IAA, according to a letter sent to retirees. The former workers were advised to obtain coverage through the individual marketplace.

"Once Medicare-eligible retirees have transitioned to an individual health insurance plan, we will continue to make annual contributions to a health reimbursement account to help them pay for medical expenses," said Country Financial spokesman Chris Stroisch.

More than 1,100 such retirees and their dependents are enrolled in the Country Financial/IAA group, Stroisch said.

Because of the large number of health care insurers in the individual Medicare marketplace, retirees will be able to choose a coverage level and premium that best suits their situation, he said.

Due to increased competition among insurers in the individual Medicare marketplace, retirees may find better value among new coverage options, depending on individual health care needs, he added.

Unlike group coverage, individual coverage options allow retirees to select a different plan for their Medicare-eligible dependents, when necessary, Stroisch said.

He added that other major companies have similar programs.

Country Financial and IAA have partnered with Aon Retiree Health Exchange to help with the transition, Stroisch said. Licensed and certified benefits advisers will work individually with retirees, free of charge.

Retirees also are invited to attend meetings and webinars held at local offices and regional locations to learn more about the changes, he said.

Follow Kevin Barlow on Twitter: @pg_barlow.

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