SRA Group Benefits Changes
July 1, 2022
The SRA Group Benefits Committee and GMS have completed the annual review of the SRA Health and Dental Plans. The review considered member feedback, marketplace trends and the claims experience of the health and dental plans. Overall, we continue to see the SRA Health and Dental Plans provide value for our members through an increase in claims utilization and a return to patterns from a pre-pandemic period. In addition to changes in usage patterns, we’ve also seen an increase in external cost pressures such as inflation and dispensing fees.
What this means for your rates
Based on overall analysis for both the health and dental plan, including claims experience and pricing trends, GMS proposed an increase of 9.5 % in health rates and 5.82% increase in dental rates. This would have resulted in a combined health and dental increase cost for a couple of $21.98 per month. In an effort to reduce the cost of the increase for our members, the Committee has recommended to the SRA Board that we apply $150,000 of the SRA Rate Stabilization Fund. This would lower the health rate to an increase of 6.6%.
What this means for your coverage
We know that affordability of the plan is important to our members. With this is mind, and considering the rate increase and additional claims utilization, we decided that this was not a year when enhancements could be considered. No reductions in coverages are planned for 2022-23. However, we plan to create opportunities for dialogue with members over the year to discuss potential changes to the plans to help stabilize the premium rates for the longer term. Ideas for discussion include: shifting to generic prescription drugs, promoting online pharmacies, introducing time frames for initial claims for certain coverages and reviewing how diabetic services are provided.
Your 2022 renewal rates
Premium rates will be increased by 6.61% for Health and 5.8% for dental with an overall increase of 6.41%, effective July 1, 2022:
SRA Health and Dental Plans
monthly premium rates effective July 1, 2022:
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The SRA Health and Dental Plans are annual plans 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 15, 2022. 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 July 1st, 2023.