Progress Report

7.18.2023

We have received confirmation on preferred underwriting for the ancillary coverages (dental, vision, life, STD & LTD) as well as voluntary benefits (critical illness, cancer, accident, etc.). We have multiple medical coverage carriers reviewing the initial census data to determine best options to present the benefits program as a whole. Based on the high volume of interest in the association and access to competitive benefits plans, it is taking the carriers longer than planned to review the census data. Which is a good problem to have! We are getting closer!

Here is the information we are currently waiting on for the medical premium quoting:

PREFERRED RATING:

Phase 1 is preferred base rating, which is based solely on the critical mass we have built in terms of possible number of participants. That preferred base rating will allow our selected carrier to offer the lowest base rates possible. This will be offered in the form of composite premiums (see below for more details).

HEALTH QUESTIONNAIRES:

Phase 2 is health questionnaires, each group (aka business member) will be required to complete the health questionnaires to determine the MOST competitive pricing based on the overall health of their group (aka their business/practice). Your business/practice could receive more competitive pricing as a smaller group by virtue of being a part of the ABS program.

NEXT STEPS AND TIMELINE:

  1. The association will review preferred rating as soon as it is provided from the carriers and select a medical vendor (hopeful to have by August 1st).
  2. The association with share the full benefits program package with prospective members, aka you (hopeful to have a full outline by August 15st).
  3. The association will let you know as soon as health questionnaires will be sent, who is sending, and what to expect (likely by August 31st).

ADDITIONAL ITEMS OF NOTE ABOUT MEMBERSHIP IN THE ASSOCIATION:

  1. About composite premiums as part of the preferred rating: Composite premiums for all owners and employees, which is a 4-tier rate structure of one rate for employee, one rate for employee + spouse, one rate for employee + child(ren), one rate for family.
  2. Access to ‘large employer’ benefits including full suite of medical, dental, vision, Life/ADD, STD, LTD & Voluntary benefit plans.
  3. Employee Assistance Program.
  4. Behavioral Health Program.
  5. Lowest available pricing for 401-K start-up plans with CBIZ Retirement Plan Services as TPA partner.
  6. CBIZ Retirement Plan Services can also partner with Advisors who may be looking for additional support to grow their business with retirement plans.  CBIZ can deliver fiduciary services to plan/committee in tandem with Advisor delivering education services to client staff and executives, with the Advisor being compensated by the RecordKeeper for respective services upon compliance approval.

Thanks for your patience! As always, please let me know if you have any questions!