Annual Renewal Period Opens Online August 10
The Benefit Plan Rating and Renewal feature of the Employee Benefits website opens next Wednesday, August 10, for 2017 Group Benefits Annual Renewal. The annual renewal deadline is September 23, 2016.
Using the Benefit Plan Rating and Renewal feature, you can:
- View your 2017 renewal rates
- Model new plan designs and options
- Make plan changes
- Confirm existing plans
2017 renewal rates emailed
A report with your cooperative’s 2017 group benefits renewal rates will be emailed to the primary benefits administrator on August 10. The email will also link to the 2017 renewal materials.
Enhancements for 2017
While there are many actions you can take to change your plans during annual renewal, don’t forget these enhancements, which are new for 2017:
- Prescription drug plan consolidation: The NRECA Medical Plan’s eight prescription drug plans will be consolidated into three new plans. Co-ops with 2016 prescription drug plans will be automatically mapped to the closest comparable new plan for 2017. However, co-ops can elect the new prescription drug coverage plan that best fits their needs. This applies to co-ops with non-high-deductible health plan PPO and indemnity plans and not high deductible health plans and the Simple Plan.
- New embedded deductible options: Embedded deductible plan options will be available for health savings account (HSA)-qualified high-deductible health plan-PPOs with an individual deductible level equal to or greater than the minimum qualified family deductible. With an embedded deductible, the plan begins reimbursing eligible expenses for a covered individual at the appropriate coinsurance amount once he or she satisfies the individual deductible. Without an embedded deductible, the entire family deductible must be met before the plan reimburses eligible expenses for all covered individuals at the appropriate coinsurance amount. Co-ops not electing the embedded deductible option will continue with the current non-embedded (aggregate) deductible for family coverage under their high-deductible health plan-PPO.
- Expanded experience-rated category: Experience-rated co-ops will now be those with 75 or more covered lives. Within the experience-rated group, co-ops will be divided into subcategories of 75-99 covered lives and 100 or more covered lives, with a different blend of overall NRECA Group Benefits Program and individual co-op claims experience based on co-op size used in the rating calculation. Non-experience-rated co-ops will consist of those with less than 75 covered lives.
Submit changes and confirmations by the deadline
You must send changes for, or confirm all of, your co-op’s plans—medical, prescription drug, vision, dental, disability, life insurance and business travel accident—for each subgroup online by the September 23 annual renewal deadline.
Your annual benefits renewal is not complete until all changes and confirmations for all of your co-op’s plans and subgroups are sent to NRECA. Completing your renewal on time also ensures that you receive your summary of benefits and coverage (SBC) in time to distribute for employee annual enrollment (as required by the Affordable Care Act) and that all screens for online enrollment display the correct information.
And, remember, it’s even better to submit your renewal early to avoid the last-minute rush!
For renewal questions, contact your field representative directly or the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop.