2021
RENEWAL SUCCESS
Barry Levi, Founder and President Jeremy Cohen, Senior Group Benefits Agent
Palm Beach County Medical Society (PBCMS) offers an exclusive, association-type health insurance opportunity and additional benefits to physician practices in Palm Beach County. The plans provide affordable health insurance and other lines to member EMPLOYER-physicians, their fulltime employees, and their families. It offers comprehensive plans and a range of benefit levels. With consideration of multiple factors, most practices experienced a 0% rate increase, effective March 1st, 2021. Over the past several years, Palm Beach County pricing has outperformed the standard market by more than 10%. Rolled out in 2020, the PBCMS members completed their first year with Unum, providing dental, vision, life insurance and disability insurance. For 2021, the entire group received a 0% increase across all lines.
The Trust Plans have both traditional plans and High Deductible Health Plans (HDHP), which use Health Savings Accounts (HSA). Most plans are BCBS Blue Options Network plans (Their all-encompassing national/international network). Two new HMO plans have become available, to enhance the overall offering. The Palm Beach County Medical Society, Inc. rolled out another member exclusive ancillary benefit program effective March 1st, 2020 with Unum. Members of PBCMS, Inc. will have the opportunity to offer their employees a wide variety of large-group ancillary insurance options through UNUM. Those benefits are dental insurance, vision insurance, life insurance, as well as short and long term disability.
The Trust Plans are a Co-Op/Association type plan, where the members merge assets together to create a larger group. For over 30 years, federal laws and regulations allow for employers and “groups of employers in the same profession” to form a “NOT FOR PROFIT” Trust for employee benefits. This is best known as a “Co-Op,” according to the Florida Bar Association. The MCMS, Inc. Insurance Trust Fund was created in 1981 as such a Co-Op, but only for Physicians (and their employees) in Private Practice. Under the Co-Op’s agreement with Florida Blue, physicians have no risk for excessive claims, and they share in underwriting surplus profits. At a time when many doctors are concerned about rising operational costs – including employee health coverage – Co-Op participants are reaping the benefits of a group insurance plan that rewards the physicians and their families, as well as practice employees and their covered dependents. Medical practices in 10 Florida counties have shared in a profit of more than $2.3 million since joining with members of other local medical societies to form a single, large group insurance plan with Florida Blue. Through this thriving health insurance Co-Op, participating physicians are sharing major profits, saving money and offsetting future rate increases.
2021.Q2
18
