What do Gary and Winona Lake have in common?
Not much at first glance. Gary is one of Indiana’s 10 largest cities, while Winona Lake is a small town about 100 miles away. However, the two do have something in common when it comes to their municipal health insurance – both recently joined Aim Medical Trust.
Why, you might ask? Because both Gary and Winona Lake recognized the need for long-term stability in their insurance costs. Stability that comes through combining their buying power – and spreading their risk – with other Hoosier cities and towns.
It’s the same concept whether you have 630 participant employees, like Gary, or 10 participant employees, like Winona Lake. The larger the group you’re in, the more stable that group becomes.
Aim Medical Trust is the right fit for Hoosier cities and towns of all sizes. Including Schererville, a large town that also recently joined us.
Whether you’re self-funded or fully insured, the Trust can improve the health of your municipality in more ways than one. You can even know by mid-June what your insurance cost, plan design, and services will be if you start the Trust enrollment process soon. You’ll lock in an 18-month rate for coverage effective July 1, 2019.
Why did my insurance coverage change again?
Does your municipal insurance plan change significantly every year? That can be the case in Hoosier cities and towns that take the traditional approach of dealing with their insurance one year at a time. Often, these municipalities are forced to make tough choices like switching from one insurance provider to another, reducing benefits or raising deductibles. Such changes can prove disruptive to their municipal employees and their families.
Aim Medical Trust gives you continuity in insurance plan design from one year to the next. UnitedHealthcare serves as the network provider for all of our medical plans.
Our members choose from a variety of medical plan designs ranging from traditional preferred provider (PPO) plans with a lower deductible to high deductible, consumer-driven Health Savings Account (HSA) health plans. Smaller municipalities with fewer than 50 employees can choose from a variety of small group plans.
Can you predict your municipal insurance rates?
No one has a crystal ball when it comes to insurance rates, and no one likes the surprise of a rate spike.
One of the main advantages of the Trust is that we spread risk over a larger number of members. This reduces volatility and makes for lower premium renewals over time. Aim Medical Trust currently covers over 4,200 employee lives. As our membership grows, claims expenses become more predictable and reserves are returned to our members through offsetting future premiums.
The Trust’s annual renewals have been below medical trend for 8 out of 10 years. In other words, joining the Trust can mean big savings for your municipality. Big savings that can make a really big difference at budget time.
Let’s talk today about what the Trust can do for your municipality.