A new survey by the International Foundation of Employee Benefit Plans (IFEBP) reports that 71 percent of employers offer retiree health benefits to current and/or future retirees.
The survey, Retiree Health Care, was conducted among 391 U.S. corporations, public employers, multiemployer plans and professional services advisors.
The survey also found that 84 percent of salaried and hourly plans cover both retirees younger and older than the age of 65 in their retiree health plans. The same percentage of respondents (84 percent) allow spouses of retirees to be eligible for coverage under their retiree health plans. Less than half (44 percent) allow nonspouse dependents to be eligible for coverage.
Meanwhile, 65 percent of respondents said that they funded their retiree health plans on a "pay as you go" basis. And 58 percent of those respondents who reported that they included prescription drug coverage in their retiree health plans for those age 65 and older reported that they maintained their current prescription drug plan and took the Medicare Part D subsidy.
Retiree Health Care is the latest publication of IFEBP's Survey & Sample Series. According to IFEBP the series "was created to provide survey data and samples on a variety of employee benefit topics to allow benefits professionals to compare their plans to others, determine trends and costs, and better manage their plans." To that end, the Retiree Health Care survey includes samples submitted by respondents, including summary plan descriptions, plan documents, enrollment guides, newsletters and forms.