Visions FCU introduces Medicare consulting service
"All they're getting with the relationship here at Visions is our expertise and help in sitting down and reviewing their options and helping them make the right choice," says
Visions members aren't getting a discount or "negotiated better plan options" under this benefit, he notes. Hennessy spoke with CNYBJ on
He joined Visions at the end of July, but the discussions on offering the Medicareconsulting service started in 2016. Visions management had been thinking about what additional services the credit union could be offering its members "and the term Medicare has come up several times," according to Hennessy.
Hennessy, along with two colleagues, is helping the Visions members who have questions about Medicare plans - such as Medicare Supplement, Medicare Advantage, and Part D drug coverage - and their eligibility.
"We're appointed with Excellus [BlueCross BlueShield] to be able to not only consult with our members but be able to enroll them and help them make the decisions on their health-care needs for next year," says Hennessy. Excellus is
A Visions member can enroll in Medicare through Excellus, another insurance agent, or through Medicare.gov and select their own coverage.
"All we're providing our members is education and assistance and helping sort all this out," says Hennessy.
Visions is initially working with its
Medicareful
In offering the consultation benefit, Visions is also working with
"This is one of the niches they provide, Medicare assistance," he adds.
He describes Medicarefiil as a custommade Medicare portal on which Visions members can insert their ZIP codes, and the website generates all the plans for which the member is eligible based on the ZIP code. They can also set up appointments with Visions for questions about the various Medicare plans, says Hennessy.
Adding states
Visions also wants to provide the consulting service in
The current focus is on Excellus and SilverScript for Visions'
"They're the broker that's attaching us and helping us get appointed with these carriers. We process all the enrollments through Ritter and then Ritter submits them on to the carriers for us," says Hennessy.
When asked how much it is costing Visions to offer the service, Hennessy said, "There is no cost"
"Ritter is receiving compensation directly from the carriers that they work with, but we are paying no direct fees to either Excellus or Ritter for this arrangement," he adds.
"Forgotten component'
Visions has a division focused on investment services, which includes a group of financial planners that consult with the credit union's members.
"Medical insurance is a huge component, and ifs often a forgotten component, of that complete retirement-planning wheel," says Hennessy.
He knows people focus on investments, mutual funds, and having money to spend, but asserts that not managing medical expenses properly "can put a drain" on your investment savings and your retirement savings.
Medicare consulting is "becoming more and more a trend" in the financial-services industry with banks and credit unions, Hennessy contends.
"This was born out of a member need and we're doing this to help service the members," he adds. *
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