Locking in peace of mind with ADA Insurance Plans
The ADA Council on Members Insurance and Retirement Programs approved a new coverage lock-in provision for the Association’s four group insurance plans offered to members.
The policy enhancement provides what Dr. Larry Browder, CMIRP chair, called “an important coverage feature not often found in group policies.” It applies to the members’ Life, Disability, Overhead Expense and MedCASH Insurance Plans.
Outcomes: Jim Biesterfelt, Great-West Life & Annuity Insurance Co., in August presents the semi-annual update on the ADA Insurance Plans to CMIRP.
Under this new policy feature, ADA members would retain the coverage design features they signed up for when they purchased the insurance as long as they maintain ADA membership and pay premiums on time.
“The coverage features you choose cannot be changed without your approval, unless, of course, changes are mandated by law or regulation,” said Dr. Browder. “Furthermore, ADA members retain the ability to apply for additional coverage or other available options when insurance needs change. Members can rest assured that what they buy today is what they can count on in the future.”
Premiums will continue to vary in the future depending upon each plan’s future claim experience and premium credits approved by the Association. More details about the annually renewable member plans are on the ADA Insurance Plans Web site or by calling 1-866-607-5330.