CHICAGO, IL (October 14, 2016) — Bethany Benefit health insurance rates for 2017 will increase 3.5 percent; rates will remain the same for UNUM life and long-term disability insurance, it was announced today.
Paul Hawkinson, ECC treasurer and executive director of finance, says this outcome represents good
stewardship for both the plan and participants, and is the result of the analysis of various factors including lower overall claims activity, significantly higher drug costs, low overall operating costs, and the plan’s sound financial position.
It continues a trend of more than a decade in which rates were either held flat or increases remained modest compared to the broader market. Despite a volatile healthcare market, Bethany Benefits’ five-year effective rate trend displays less than 3 percent yearly increases.
The Bethany 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.
Rates are based on the independent work of an outside consultant in consultation with ECC staff. Rate changes are then reviewed and affirmed by the Covenant Board of Pensions and Benefits.
Churches or individuals interested in learning more about participation in the Bethany program may call Bethany Benefits personnel at (800) 313-8955 or email email@example.com. Information also is available by visiting Bethany Benefit Service online.