Changes to the benefits plan, effective July 1
From time-to-time time we have to make decisions, that may not always be popular, but act in the best interest of our group benefits plan. As a result of increased costs in our plan and after careful deliberations, our benefits board of trustees (comprised almost entirely of residents) has made the decision to increase our benefits deductions effective July 1, 2023. In a time when everything seems to be increasing, this decision has not been taken lightly. This marks the first increase to the resident portion of the plan since 2016, and attempts to keep pace with increases by our providers.
The following changes will occur:
- Increase in plan premiums. Single benefits increase from $25 to $30/pay, family benefits increase from $54 to $65/pay, and waived coverage (when you have alternate coverage) increases from $7 to $10/pay.
- Our Health Care Spending Account and Wellness Taxable Spending Account will also be eliminated effective June 30/23. While we regret having to eliminate these benefits, our spending accounts were utilized by only 30% of our full membership. For more information on these spending accounts, including how to make any final claims, CLICK HERE to visit our website.