2008 Iowa Bankers Benefit Plan Rates Announced

The year 2008 marks the 30th year that Iowa Bankers Benefit Plan has been providing health, life and disability insurance for bank employees and their families. Formed as a small group insurance trust in 1978, IBBP has evolved into a $100 million insurance trust providing coverage for 11,000 employees and over 27,000 lives.

“Our growth has come from providing you, our customers, with a quality product and excellent service at a competitive price,” said Merritt Krause, president of Iowa Bankers Insurance and Services.

In 2007, savings continued in health care costs through the increased use of generic prescription drugs, increased cost sharing, and the participation of chronically ill members in the disease management program.

Because of the claim savings, the Iowa Bankers Benefit Plan is doing very well. This performance allowed the Iowa Bankers Benefit Plan Trustees to approve an average health plan rate increase of two percent for 2008.

This year IBIS was able to make an improvement to the rating structure. A four-tier rate classification will be implemented, which is similar to other insurance companies. This allows an employer, to classify employees in one of four rating classes instead of the traditional two (single, family) effective January 1, 2008. The new classifications consist of employee, employee plus child(ren), employee plus spouse and family.

The Iowa Bankers Benefit Plan Dental program continues with 9,000 employees enrolled for the dental plan options. The Trustees, upon review of dental claims, experience have voted an average ten percent increase. The rating structure has also moved from a two-tier to a four-tier monthly premium rate.

Contact the Iowa Bankers Benefit Plan Customer Service Department at 800. 258.1415 for more information.

IBIS Group Health Seminars

Enhancements to the Iowa Bankers Benefit Plan and the 105/125 IBIS Advantage Plans will be the topics of discussion at the Employee Benefits Workshops to be held October 23 in Cedar Rapids and October 25 in Storm Lake.
 
This workshop is designed for those involved with the administration of the bank’s health insurance, 105 and or 125 Advantage Plans.

By now banks have received the 2008 rate booklet and have noticed the changes to the IBIS rate structure. At the workshop IBIS staff members will review how to communicate with employees and how to notify Iowa Bankers Insurance & Services, the plan administrator, of employee election changes.

IBIS will also provide an overview of the financials of the Iowa Bankers Benefit Plan (IBBP) Trust, review enhancements to the health plan in 2008, easier access to website information, the Section 125 regulation changes, and review HSA’s and high deductible health plans.

Please contact IBIS’ Patti Plath at pplath@bankers-ins.com or 800.532.1423 for details or additional information. Register for the workshop early, seating is limited. The materials will be provided on the website, www.bankers-ins.com for those unable to attend.