Employers have been cutting benefits for retirees in an effort to save money as the cost of health insurance continues to rise. Often, its dental, vision and life insurance benefits that are eliminated, says Barry Goldberg, principal, consulting actuary at Buck Consultants.
Thats why Buck Consultants at Xerox created RetireeZone, a Web portal that offers a variety of voluntary benefits for retired individuals. Retirees need to replace coverage they had as active employees, but often have budget issues as they plan their retirement lifestyle, says Buck Principal Jim Gallic. Employers usually dont have the time, knowledge or ability to address these needs. RetireeZone offers a strategy to deal with these pressing concerns.
Launched this week, the portal allows individuals to compare plans from multiple carriers side by side. More and more retirees are getting tech savvy and expect those kinds of choices when buying online, Goldberg says. It also has a U.S.-based call center for support. That saves the employer time and effort, he says.
The portal enables employers who often lack the resources to offer voluntary benefits to retirees. RetireeZone continues our commitment to innovative solutions, Gallic says. Employers want to provide more for retirees who have contributed so much to their organizations, but they are often constrained by costs and resources. These challenges are only going to increase over the next 10 years as baby boomers retire.
While Buck is targeting its employer clients, the portal which has dental, vision, home/auto, legal, identity theft, pet and life insurance offered by more than 50 outside providers is open to everyone, Goldberg says.
The portal is part of Bucks suite of solutions that help individuals prepare for retirement, and it will be expanding in the future, says Senior Consultant John Larson. Buck plans to add wealth, lifestyle and administration capabilities to the RetireeZone portal. Its an evolving platform, Larson says.
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