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2016-05-25T00:00:00.000Z

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Mr. John V. Grosso

Consulting Actuary

Aon plc

Direct Phone: (203) ***-****       

Email: j***@***.com

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Aon Hewitt

Aon plc

4 Overlook Point

Lincolnshire, Illinois 60069

United States

Company Description

Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients ... more

Find other employees at this company (23,368)

Background Information

Employment History

Consulting Actuary

Hewitt Associates LLC

Actuarial Analyst

Metropolitan Life Insurance Company

Web References (99 Total References)


Companies argue that many retirees can ...

www.meyerandco.com [cached]

Companies argue that many retirees can find more choice and a better deal on the exchanges, said John Grosso, head of the retiree health task force at Aon Hewitt LLC, a Chicago-based consultant. Instead of taking a one-size-fits-all company plan, a healthier retiree might find a less expensive policy with a higher deductible, or one that saved money by favoring generic drugs, he said in a telephone interview.

Less healthy workers or those who need more comprehensive coverage may not fare as well, Grosso said.
'Gold-Plated' Plans"Some of them may not be as well off because they had a really gold-plated plan, but others who are paying a meaningful contribution to their own plan now can right-size the coverage," he said.


John Grosso, Aon ...

www.benefitnews.com [cached]

John Grosso, Aon Hewitt's senior vice president says he doesn't want people to view employers as dropping retirement healthcare coverage, but rather employers finding a more efficient way to deliver the promised benefits.

"It's a transition, moving away from traditional group based planned sponsorship to sourcing coverage, asking retirees to secure coverage in the individual market with support from an exchange," Grosso says.
Grosso says these exchanges come at a lower cost to employers and manages to break even for the retirees; however Grosso says employers tend to share the cost with the retiree in order to maintain a good working relationship.
One of the major differences between the traditional group retiree healthcare coverage provided by an employer and individual coverage assisted by an exchange is the chance for the retiree to have a plan that fits the need of that specific individual, rather than a one-size-fits-all plan.
Grosso says the exchanges are acting as the broker when it comes to transitioning retirees from their original employer provided plan to an individual plan.
"It is imperative that the exchanges provide licensed, credentialed benefit advisers to help retirees identify, evaluate and enroll in the coverages that best fit their needs potentially every year," Grosso says. "Those brokers are a critical part of this transition in order to get retirees the high level of customer service they need to make informed decisions."
Quote ""It is imperative that the exchanges provide licensed, credentialed benefit advisers to help retirees identify, evaluate and enroll in the coverages that best fit their needs potentially every year."
When it comes to the feedback from the retirees when transitioning, Grosso says the responses tend to be mixed between those who are just now going through the exchange as opposed to those who have already gone through the process.
"Any kind of change in healthcare benefits to a group of senior citizens is going to bring about concern," Grosso says. "Typically we see an emotional reaction initially, but once retirees start to understand the value they can achieve in an individual market, many of them say, 'Hey this looks like this is going to be a better deal for me than it was in the group space.'"
There is no required time frame for employers to inform their retirees as to when they may switch their retirees over to an individual program; however the average employer has typically been giving their retirees six months to a year notice as to when their plans will be changed.
"This time allows the retirees a chance to prepare for the change," Grosso says.


John Grosso, Aon ...

www.benefitnews.com [cached]

John Grosso, Aon Hewitt's senior vice president says he doesn't want people to view employers as dropping retirement healthcare coverage, but rather employers finding a more efficient way to deliver the promised benefits.

"It's a transition, moving away from traditional group based planned sponsorship to sourcing coverage, asking retirees to secure coverage in the individual market with support from an exchange," Grosso says.
Grosso says these exchanges come at a lower cost to employers and manages to break even for the retirees; however Grosso says employers tend to share the cost with the retiree in order to maintain a good working relationship.
One of the major differences between the traditional group retiree healthcare coverage provided by an employer and individual coverage assisted by an exchange is the chance for the retiree to have a plan that fits the need of that specific individual, rather than a one-size-fits-all plan.
Grosso says the exchanges are acting as the broker when it comes to transitioning retirees from their original employer provided plan to an individual plan.
"It is imperative that the exchanges provide licensed, credentialed benefit advisers to help retirees identify, evaluate and enroll in the coverages that best fit their needs potentially every year," Grosso says. "Those brokers are a critical part of this transition in order to get retirees the high level of customer service they need to make informed decisions."
Quote ""It is imperative that the exchanges provide licensed, credentialed benefit advisers to help retirees identify, evaluate and enroll in the coverages that best fit their needs potentially every year."
When it comes to the feedback from the retirees when transitioning, Grosso says the responses tend to be mixed between those who are just now going through the exchange as opposed to those who have already gone through the process.
"Any kind of change in healthcare benefits to a group of senior citizens is going to bring about concern," Grosso says. "Typically we see an emotional reaction initially, but once retirees start to understand the value they can achieve in an individual market, many of them say, 'Hey this looks like this is going to be a better deal for me than it was in the group space.'"
There is no required time frame for employers to inform their retirees as to when they may switch their retirees over to an individual program; however the average employer has typically been giving their retirees six months to a year notice as to when their plans will be changed.
"This time allows the retirees a chance to prepare for the change," Grosso says.


GE to IBM Ending Retiree Health Plans in Historic Shift – Meyer and Co.

www.meyerandco.com [cached]

Companies argue that many retirees can find more choice and a better deal on the exchanges, said John Grosso, head of the retiree health task force at Aon Hewitt LLC, a Chicago-based consultant. Instead of taking a one-size-fits-all company plan, a healthier retiree might find a less expensive policy with a higher deductible, or one that saved money by favoring generic drugs, he said in a telephone interview.

Less healthy workers or those who need more comprehensive coverage may not fare as well, Grosso said.
'Gold-Plated' Plans"Some of them may not be as well off because they had a really gold-plated plan, but others who are paying a meaningful contribution to their own plan now can right-size the coverage," he said.


Typically, plan sponsors provide their ...

www.insurancejournal.com [cached]

Typically, plan sponsors provide their Medicare-eligible workers between six months to one year of advance notice of these changes, according to John Grosso, a senior vice president at Aon Hewitt who leads the firm's retiree consulting practice.

...
Grosso said the Affordable Care Act has been a major driver of the shift to exchanges. The law improved the Medicare Part D prescription drug benefit by phasing out the gap in coverage known as the "doughnut hole" and by introducing reforms in the Medicare Advantage plans.
Also driving the shift, he said, is the flood of baby boomers entering retirement.
...
But Grosso acknowledged there is potential longer-term risk to retirees, depending on how the subsidy is designed. "The question is whether the sponsor grows the benefit or keeps it flat" as healthcare costs and premiums rise over time.
Indeed, Aon data shows that. Fifty-nine percent of companies sending retirees into exchanges do not index the subsidy; 28 percent index at their own discretion and 13 percent automatically adjust the subsidy amount annually. Companies that do index the benefit grow it anywhere from 3 to 5 percent annually, Grosso said.
The complex task of shopping for insurance in an exchange is another hurdle. Grosso said 95 percent of retirees using exchanges take advantage of benefit advisors who help guide their plan selections. "It's really a key issue for them to understand the market," he said.
...
Topics:Aon Hewitt, baby boomers retiring, doughnut hole, Employee Retirement Income Security Act (ERISA), GE retirees lawsuit, health exchanges, John Grosso, Kaiser Family Foundation, Medicare coverage on exchanges, Medicare Part D prescription drug benefit, Research and Trends, retiree health benefits, retirement benefits Have a hot lead? Email us at newsdesk@insurancejournal.com Get Insurance Journal Every Day Subscribe

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