Kentucky Retirement Systems’ Health Plan Committee votes in favor of shifting health insurance for over-65 retirees

The Kentucky Retirement Systems’ (KRS) Health Plan Committee voted in support of shifting health insurance for over-65 retirees from a self-funded plan run by KRS to a Medicare Advantage policy sold by Humana. If accepted by the full KRS board, the change will be effective from next year.

KRS greatly wants to reduce its $19 billion unfunded liability but has inadequate options to do so without going against the pension contract with public workers. Lessening the amount spent on retiree health insurance could be a more attainable objective.

People over 65 can receive Medicare but only some of them consider its basic coverage sufficient. So many buy Medicare supplemental insurance Plan, which is costly, but can encompass everything from usual office calls to major surgery. They have to purchase prescription drug coverage separately, at additional cost.

The rest of them select Medicare Advantage, a government-subsidized program which usually costs individuals less than a Medicare supplement policy and may consist of added features like dental, vision and prescription drug benefits. Eager to boost business for their network of providers, some insurers also offer Medicare Advantage plans at no monthly fee.

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