Benefit Premiums Update and Plan Changes
As part of the annual benefits plan renewal process, the Benefits Trust works with Equitable Life to negotiate premium rates for the upcoming year based on our group's claims experience, claim trends, Equitable's expenses for administering the plans, and their required insurance reserves. As a result of this year's negotiations, benefit premiums will be increasing for all plan member groups, effective August 1, 2018. Premium calculators were sent by email in July; contact us to request a calculator for your plan member group.
The AOMBT Trustees continually strive to achieve a balance between reasonable monthly premiums and providing a comprehensive benefits plan that meets the needs of our plan members. Recognizing the importance of minimizing the impact of increasing premiums, containing costs, and maximizing the amount of benefits funding midwives are able to contribute to retirement savings, Trustees made the decision to implement the following changes to our benefit plans.
Effective September 1, 2018:
- Coverage for Basic Dental Services reduced to 90%
- Reimbursement for Paramedical services for eligible dependents (spouse/partner and children) reduces to 80%.
The decision to implement these cost-sharing changes was made after careful review of plan utilization, plan member survey results, and group benefits plan standards.
If you have any questions about these changes or benefit premiums, please contact the AOM Benefits Trust: email@example.com | 416.425.9974 or 1.866.418.3773