About the Author
Retirement Plans, Wealth Management, Individual Insurance Services, Medicare
About the Author: Kaci Skidgel
Kaci Skidgel, CPFA™, C(k)P®, AIF®, serves as President of Summit Financial Group and leads the firm’s investments team. Since joining Summit in 2007, she has helped organizations navigate retirement plan strategies, fiduciary responsibilities, and participant education. Kaci frequently speaks on retirement plan trends and ERISA-related topics and is the author of Path to the Summit – Strategies to Reach Your Company’s Peak Retirement. Learn more about Kaci by visiting her Summit bio: Kaci Skidgel.
Registered Representative offering securities through Cetera Wealth Services, LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. 1350 S. Boulder Avenue, Floor 3, Tulsa, OK. 74119.
CASE STUDY:
PROACTIVE BENEFITS STRATEGY
A Solution Before the Problem
Summit’s employee benefits and Medicare divisions worked together to cut a projected 70% medical renewal, protect compliance, and lower costs for both the employer and its employees.
THE CHALLENGE
An Oklahoma-based trucking company with high turnover and previously limited employee benefits faced a severe affordability crisis when its age-banded ACA medical plan produced a projected 70% renewal increase.
After combining two companies, the group’s older workforce drove higher rates.
The company also received misinformation about Medicare and lacked clarity on compliance requirements.
It needed a partner to reduce costs, ensure compliance, and improve benefit access for employees over 65.
WHAT WE DID
Summit led a proactive pre-renewal analysis of the census, rates, and plan design, then engaged our Medicare division to offer an educational, compliance-first pathway for Medicare-eligible employees, simplifying the choice down to two core Medicare paths.
Summit moved roughly 20% of the workforce off the group plan and onto Medicare, eliminating employer contributions and improving the group’s composite rates.
Summit corrected the employer’s contribution practices and confirmed the group plan remained creditable, so employees could move to Medicare without lifetime penalties. The team followed CMS rules and matched plans to employees’ doctors and prescriptions. One employee who could not read or write was helped into Social Security and Medicare.
THE RESULT
Summit cut the projected 70% medical renewal to 23% and saved the employer nearly $10,000 per year.
Roughly 20% of the workforce moved to Medicare, employer benefit costs fell by about 50%, and employees paid less for coverage. The group is now positioned for a renewal rewrite at a more favorable effective date.
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*Landon Cruz is not affiliated or registered with Cetera Wealth Services, LLC. Any information provided by Landon Cruz is in no way related to Cetera Wealth Services, LLC or its registered representatives. Registered Representative offering securities through Cetera Wealth Services, LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity.
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