28 JULY / AUGUST 2020 Health Care Coverage The right solution at the right time While health concerns are at an all-time high, health care is top-of-mind for many businesses and individuals. The IBA Group Insurance Trust and its Board of Trustees recently went through a vigorous request for proposal process and chose to change the Trust’s insurance carrier as well as the third-party administrator. This change will allow the Trust to better serve its members and their staffs. Moving to UnitedHealthcare as the insurance carrier, the Trust will be providing quality insurance coverage and healthcare assistance at competitive market pricing. NFP, the new third-party administrator, will continue to assist banks and their employees daily, as well as answer questions and address individual needs. This change occurred on May 1. Based on conversations with current members, the transition went well. As with any conversion, there were a few hiccups along the way, but they were resolved in a timely manner. We are excited to say that over 80% of the Trust participants stayed with the Trust and made the conversion to UnitedHealthcare/NFP. Better benefits at lower costs is always the goal, and NFP and UnitedHealthcare will work with you to create competitive, fairly priced options with an eye on the bank’s bottom line. The Trust was able to provide a reduction in costs for its participants for the 2020-21 year. This was accomplished by changing the funding structure and putting more of the collective reserves to work for the member banks. These adjustments allowed the Trust more flexibility in its approach to medical rate development. The Trust is committed to providing a renewed stability to the participating bank’s medical benefits program. Some of the enhanced benefits will include: • Flexible, lower-cost, quality group insurance plans and strategies; • A defined road map for reducing present and future health care costs; • A flexible prescription drug approach with approximately 20% savings through discounts and rebates; • Access to the nation’s largest provider network, offering seamless healthcare access within Indiana and nationwide; • Powerful data, insights and innovation to help build a focused, strategic approach for achieving healthier results at a lower cost; and • Industry-driven approaches to support IBA’s goal of delivering quality health insurance and pricing that is not attainable to member banks standing alone. Trust participants enjoy all these benefits. Additionally, UnitedHealthcare holds the largest network of providers in Indiana and across the country, providing access to a broad network of hospitals, doctors and pharmacists. Express Scripts has taken over the management of the prescription drug program. By incorporating a carve-out strategy regarding the prescription drug benefits, the Trust realized significant cost saving opportunities, which are being passed along to member banks and reflected in their medical premiums. The IBA Group Insurance Trust will also continue providing ancillary lines of coverage including vision, dental and life, as well as disability programs. Vision is included in the UnitedHealthcare offering, while dental is now provided by Delta Dental. Principal continues to handle the life and disability coverages. As your health insurance renewal date approaches, please consider the IBA Group Insurance Trust as you review your options. For further information contact Shawn Norris of NFP at shawn.norris@nfp.com or 812-422-4000; or contact me at rlasley@indiana.bank or 317-387-9380. HB PRODUCTS & SERVICES PROFILE Rod Lasley Executive Vice President - Operations & Member Services Indiana Bankers Association rlasley@indiana.bank @rodlasley
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