May 16, 2016
Dear SRA Member:
GMS has completed their annual review of the Saskatchewan Retirees Association Group Benefit Plan. We are very pleased to advise that the benefit plan is projected to perform approximately 5% better than the target for the 2015/16 policy year. The better than expected plan performance is attributed to low drug trends that are primarily supported by the Saskatchewan Special Support Program and the Saskatchewan Seniors’ Drug Plan.
This is good news for plan members. For the upcoming policy year we are able to provide you the following:
Benefit enhancements – Our benefits committee has compared the benefits of our SRA Plan with a number of other retiree group plans. We are pleased to enhance the plan by increasing the annual health practitioner maximum from $225 to $300 and the eye exam maximum from $100 to $125.
No rate changes for the 2016-2017 policy year. We anticipate that the current rates will be sufficient to fund the plan this upcoming policy year.
Saskatchewan Retirees Association Group Benefit Plan – monthly premiums effective July 1, 2016
We also anticipate that should the projected surplus materialize after policy year end, that we can utilize the surplus to provide additional rate stability for the next policy year and/or use the surplus to offset any potential impacts to the plan that may arise from the upcoming provincial budget.
The SRA Group Benefit Plan is an annual plan and therefore coverage can only be terminated on the annual renewal date of July 1st. If you decide to terminate your coverage, please advise GMS in writing no later than June 15th, 2016 to be effective July 1st, 2016. Otherwise your enrollment in the Plan will continue into the next policy year uninterrupted and your next opportunity to terminate coverage will be the annual renewal date of July 1st, 2017.
As noted last year, prescription drug claims make up a large part of your premiums but there are ways of reducing drug costs. Some of our members have acted on our suggestions and the savings are helping the plan maintain stable premiums. Please refer to the attached page for those suggestions.
Jack Peterson, Chair, Group Benefit, Saskatchewan Retirees Association
Cc Group Medical Services