{"id":7194,"date":"2006-09-27T22:57:26","date_gmt":"2006-09-28T03:57:26","guid":{"rendered":"http:\/\/blogs.covchurch.org\/newswire\/?p=7194"},"modified":"2011-07-06T08:34:48","modified_gmt":"2011-07-06T13:34:48","slug":"5167","status":"publish","type":"post","link":"http:\/\/blogs.covchurch.org\/newswire\/2006\/09\/27\/5167\/","title":{"rendered":"Bethany Insurance Rate Increase Defies National Trend"},"content":{"rendered":"

CHICAGO, IL (September 27, 2006) \u2013 Bethany Benefit Service’s medical insurance rates this coming year will increase five percent, defying predictions by some analysts calling for national group medical insurance rates to increase on average by 12 percent in 2007.
\n
\nThe Covenant program provides coverage for pastors, employees of local Covenant churches and regional conferences, conference centers and camps, Covenant pastors who work for voluntary employers of the Covenant Pension Plan, and denominational offices. Medical coverage is available for employees who work at least 20 hours a week.<\/p>\n

\"\"<\/a>The program is administered by Bethany Benefit Service on behalf of the Evangelical Covenant Church.<\/p>\n

\u201cWe were delighted that we were able to hold the line and have no increase in the rates during 2006,\u201d said Dean Lundgren, vice president of finance. \u201cHowever, we knew it would not be realistic to expect rates to remain unchanged for an additional year, given the increasing costs of medical care.<\/p>\n

\u201cGiven the predictions for rate increases for other plans \u2013 expected to average 12 percent \u2013 we believe the five per cent increase in the Bethany Benefit Service plan is reasonable and will reduce the potential expense to local churches in 2007,\u201d Lundgren added.<\/p>\n

Put in dollar terms, the lower rate is projected to collectively save local Covenant churches $700,000 in premiums the churches otherwise would have had to pay, had the 2007 Bethany rate matched the projected 12 percent national average increase.<\/p>\n

Among the reasons for the more attractive rate are a better-than-anticipated claims experience rating and cost-savings initiatives resulting from the recent change to Blue Cross\/Blue Shield and Delta Dental plans.<\/p>\n

\u201cWe recognize that any increase puts a burden on individuals and local Covenant churches, as well as regional conference and denominational budgets,\u201d Lundgren explained. \u201cHowever, the increase could have been much higher without the diligent efforts of the Board of Pensions and Benefits, our benefits staff, and especially the work of Elliott Johnson (director of finance) in negotiating changes that constrained cost increases.\u201d<\/p>\n

Johnson notes that rate increases from group insurance plans nationwide, tracked over the past five-year period, have increased at a pace four times that of the Bethany Benefit Service program (see accompanying chart). Bethany\u2019s rates during this period increased 8 percent in 2003, 5 percent in 2004, 5 percent in 2005, 0 percent in 2006, and 5 percent in 2007 \u2013 a total of 25 percent. National group plans on average increased rates 98 percent during the same five-year period.<\/p>\n

A recent article in the Boston Globe<\/em> newspaper put the issue into clear perspective for Massachusetts residents: \u201cThe state\u2019s four major health insurers plan premium increases of more than 10 percent for most of their insurance products in 2007, the seventh consecutive year of double-digit hikes,\u201d the article reports. \u201cIt\u2019s becoming increasingly difficult for employers to offer health insurance for employees when the rates have essentially doubled in the last seven years.\u201d<\/p>\n

The Bethany Benefit Service rate-setting process involves a detailed review of claims and premiums data, independent rate calculations by a health actuary and an outside consultant, a review by Covenant financial leaders, and respective approvals by the Health Insurance Committee and the full Covenant Board of Pensions and Benefits.<\/p>\n

The new rates become effective January 1, 2007. A letter explaining the changes is scheduled to be mailed to those covered by the program. To learn more about the program, visit Bethany Benefit Service<\/a>.<\/p>\n

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Copyright \u00a9 2011 The Evangelical Covenant Church.<\/div>\n<\/div>\n

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CHICAGO, IL (September 27, 2006) \u2013 Bethany Benefit Service’s medical insurance rates this coming year will increase five percent, defying predictions by some analysts calling for national group medical insurance rates to increase on average by 12 percent in 2007. Report This Post<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7194","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nBethany Insurance Rate Increase Defies National Trend - Covenant Newswire Archives<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/blogs.covchurch.org\/newswire\/2006\/09\/27\/5167\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bethany Insurance Rate Increase Defies National Trend - Covenant Newswire Archives\" \/>\n<meta property=\"og:description\" content=\"CHICAGO, IL (September 27, 2006) \u2013 Bethany Benefit Service’s medical insurance rates this coming year will increase five percent, defying predictions by some analysts calling for national group medical insurance rates to increase on average by 12 percent in 2007. 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