Specialists in Custom Designed Group Retiree Medical Insurance and Retiree Medicare Group Prescription Drug Plans (EGWP).

MagnaBenefits Solutions, Inc. are specialists is custom designed Retiree Health and Prescription Drug Insurance Plans.

We are unique in the industry due to our custom, specialization in the retiree health and prescription drug plan market.

Providing split billing services for several national insurance companies and prescription benefit managers (PBM).  

Together have developed unique programs to offer employers to lower costs and reduce any OPEB, GASB 45 and FASB 158 liability.

Rather than reduce or eliminate benefits or increase cost sharing, check out “Our Services” for custom designed options that can help meet your promises and preserve benefits for your retirees.

Medicare Part D, Prescription Drugs

Employer Group Waiver Plan

Your

Retiree Drug Subsidy

Alternative

An Employer Group Waiver Plan also call a Series 800 Plan is a CMS approved plan designed specifically for employers and unions.  The employer/union (sponsor) contracts directly with a PDP approved for Series 800, EGWP or CMS .  These plans are dependent upon the sponsor meeting and complying with certain requirements.

There are many advantages to contracting with a PDP (prescription drug plan) instead of contracting directly with CMS and having to outsource many of the administrative services. Talk to us today about your alternatives to taking the RDS (retiree drug subsidy).

EGWP's may be fully or partially insured, allowing the plan sponsor to shift the risk to the Medicare D provider. Entering into a full or partial risk agreement with an EGWP sponsor can help organizations/unions avoid the fluctuation of utilization and enable them to better predict their costs.

Unlike taking the RDS subsidy, that must be entered on the balance sheets as revenue in the year that it is received, the federal subsidies under and EGWP can be used to offset a plan sponsors long-term liability for retiree benefits.

Employer Group Waiver Plan (EGWP) Advantages

·       Simplified Administration

·       No Attestation

·       Maintain Plan Control

Match existing benefits

Custom design plans

Multiple formularies

·       Lower Plan Costs

Greater CMS Subsidies

Low Income Subsidies

Cap Risk Exposure

Eliminate Large Claim Exposure

·       Improve Cash Flow

·       Transfer Risk

·       Shared Risk or Retention Contracts Available

·       Take Advantage of the PDP Strengths

CMS Approved

Clinical Services

Customer Support

Formulary Management

Legal and Regulatory Compliance

IT Infrastructure

Account Management

Eligibility Management

Financial Management

Split Billing (direct retiree contribution billing and collections)

Important: all PBM’s are not PDP’s and all PDP’s are not PBM’s

   Other Programs Available

·       Insured and self insured retiree medical plans

·       Pre 65 retiree guaranteed cost prescription drug plans

·       Custom designed fully insured EGWP for groups with low employer/union contributions

CALL US TODAY

TOLL FREE:  877-688-EGWP - (877-688-3497)

Local:  616-949-1199

Fax: 616-949-8595

Email:  egwp@magnabenefits.com

Address:  6140 28th St. SE
                Suite 200
                Grand Rapids, MI 49546

General Information:

Sales: Ken, Palmer, and Tonya

Web designer: Ben Blake