November 20, 2013

The State of Illinois recently announced their new plan for retired teachers. There have been significant changes to the Teachers Retirement Insurance Plan (TRIP). The program has always resembled an F plan. The majority of teachers found the coverage to be comprehensive and affordable in the marketplace.

IL Teachers Retirement Insurance Plan

The State of Illinois has awarded new contracts to 3 companies;

  • Humana
  • United Health
  • Coventry

The biggest surprise is that they are only offering the Medicare Advantage program. The traditional medicare supplement is not being offered, and many teachers are finding themselves confused as to what is best for them going forward. I have read most of the literature that the state has released and it is easy to understand why the retired teachers are left with more questions than answers.

It is in the best interests of most teachers to opt out of the state's program.

Agents in Illinois have never had a better opportunity to help out teachers. It is in the best interests of most teachers to opt out of the state's program. Take advantage of the 63-day open window to get a medicare supplement without underwriting. The Plan F is what they have been used to having in benefits, and the premium is very close to what they have been paying.

The Medicare Advantage program has its place but I wish the State of Illinois would have at least made available an option to have a medicare supplement. My biggest fear for the retired teachers is that none of the MA programs are guaranteed renewable, so who knows what their benefits or deductibles and co-insurance will be in the future. It is our job to make sure these retired teachers know they have an option that the State will not show them - but it may be the best option. Their healthcare taken care of by you - the Pro!

Happy selling! Please give us a call if you have any questions regarding the TRIP issues.

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