Manufacturers Association Forms Insurance Group TrustPosted: Updated:
The Indiana Manufacturers Association has formed a group insurance trust. The not-for-profit initiative is designed to help member organizations with up to 50 workers purchase health insurance plans. November 11, 2013
INDIANAPOLIS – The Indiana Manufacturers Association (IMA) is proud to announce the creation of the Indiana Manufacturers Association Group Insurance Trust. The IMA Group Insurance Trust (Trust) offers a group insurance program as a service to IMA regular-member employers with 2-50 employees. The Trust is a not-for-profit entity, existing solely to enable IMA regular members to purchase competitive, high-quality group insurance products and services.
The Trust offers all regular members the buying power of one of the largest trade associations in the state. That means lower overhead expenses, more plan flexibility, expanded administrative services, and personal assistance from consultants and actuaries at no extra cost to members.
Trust Plan Participants have access to a complete portfolio of products and services, including managed care programs with preferred provider organizations, retail and mail-order drug options.
The Trust works with Anthem Blue Cross and Blue Shield to continuously review programs, with the goal of providing the most up-to-date products, cost-management techniques, and administrative efficiencies. The Trust is governed by a Board of Trustees made up of presidents and CEOs of IMA regular members. It is run exclusively for the benefit of Trust Plan Participants. The Trust complies with the Employee Retirement Income Security Act (ERISA). Trustees include: Rick Weber of Batesville Products, Inc., Lawrenceburg; Steve Overton of Overton & Sons Tool & Die Co., Inc., Mooresville; and Jon Ford of All State Manufacturing Co., Inc., Terre Haute.
In addition, Trust Plan Participants will benefit from:
• The largest provider network in the country.
• The deepest PPO network discounts of any carrier in Indiana.
• A dedicated service team - your advocate in the complex world of healthcare.
• Interactive compliance oversight to help Plan Participants stay on track with the many laws that regulate their health plans.
• By pooling membership, the IMA Group Insurance Trust is able to help mitigate the rate swings created by ever-changing claims experience. In addition, it may use its assets to provide premium credits that can lessen the impact of spikes in medical inflation.
• The IMA Trust is not subject to Community Rating, a federal regulation effective as of 2014, which forbids insurers from basing premiums on health factors or past claims experience.
• The IMA Trust is viewed as a single large plan so the experience of Trust Plan Participants can continue to be considered when calculating renewals. Thus, the Trust should have significantly lower premiums than the state pools.
IMA President Patrick J. Kiely stated, “We're extremely pleased to partner with Anthem to provide our membership with a private-sector solution to their healthcare needs. We offer simple plan administration, discounts through Anthem's robust networks, and flexible plan design to meet each company’s benefit package goals.”
“Anthem Blue Cross and Blue Shield has a 70-year track record of providing access to healthcare for Indiana businesses,” said Rick Rhodes, vice president of sales for Anthem. “We look forward to the opportunity to be a trusted partner for the IMA’s members by offering quality benefits and outstanding customer service.”
For more details, visit the IMA Group Insurance Trust page on our website.
Formed in 1901, the Indiana Manufacturers Association is the second oldest manufacturers association in the country and the only trade association in Indiana that exclusively focuses on manufacturing. The Indiana Manufacturers Association, representing more than 1,400 companies, is dedicated to advocating for a business climate that creates, protects and promotes quality manufacturing jobs in Indiana. The staff of the Indiana Manufacturers Association has more than 140 years of combined governmental affairs experience and is recognized as experts in many areas including tax, environment, labor relations, human resources and healthcare. Source: Indiana Manufacturers Association