Medicare Prescription Drug Plan Solution (Employer Group Waiver Plan)
Available from Transamerica Affinity
Structured as an “800-series” Employer Group Waiver Plan (EGWP), Medicare GenerationRx allows employers to shift their retiree claims liability and administrative burden to the EGWP plan for competitively priced monthly premium.
With a variety of plan design and contribution options, employer and union groups can match existing benefit structures, minimize member disruption, and effectively manage their benefit costs. Medicare GenerationRx can offer many advantages over Retiree Drug Subsidy (RDS), and other Medicare prescription drug plans, including maximized subsidies from the Centers for Medicare and Medicaid Services (CMS), brand discounts in the Coverage Gap, and fully-compliant administrative services.
- High-quality, flexible benefit packages
- Maximize the value of CMS subsidies, catastrophic reinsurance and the Medicare Coverage Gap Discount Program
- Manage liability through flexible contribution levels — employer paid, employer-subsidized or employee-paid
- Reduced administrative burden
- Nationwide coverage (all 50 states, the District of Columbia, and U.S. territories)
- Easy transition for your retirees
- Reduction in GASB/FASB liability
The plan, branded Medicare GenerationRx is a fully-insured group plan underwritten by Stonebridge Life Insurance Company (Rutland, VT), a Transamerica company. Stonebridge Life Insurance Company is a PDP plan sponsor with a Medicare contract. Enrollment in this plan depends on contract renewal.