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The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 requires that all group health plan sponsors offering prescription drug coverage must annually inform Medicare-eligible individuals about whether their coverage is classified as creditable or non-creditable.
We invite you to join our informational webinars this October. These sessions will cover key topics to help you navigate the latest offerings and strategies. Take advantage of the chance to learn from industry experts and gather key insights!
We are excited to announce that the MBA Group Insurance Plan Committee has once again achieved a single-digit renewal increase for the 2024 plan year. This impressive streak, now spanning over 14 years, reflects the collective strength of our Association in securing competitive benefits at favorable rates.
Together, we are truly BETTER BY ASSOCIATION.
For member banks offering medical insurance through BCBSMA, the renewal increase will be 7.9%. The dental increase will be 2.9%.
More information will be shared in the coming days, but in the meantime, please refer to the attached presentation for additional details.
We are excited to invite you to a virtual meeting during which we will share important updates regarding the Massachusetts Bankers Association group insurance plans. The meeting will cover updates on medical and dental rates, plan design changes, and open enrollment planning.
Renewal information for VSP vision, The Hartford life & disability, and AIG business travel accident will also be presented.
Additionally, we'll provide updates on specialty programs like Livongo, Hinge Health, BCBS Global Traveler Companion, and Nationwide pet insurance.
Medicare can be confusing, we’re here to help Need help understanding your Medicare health insurance options?
We're pleased to share the results of our recent Employee Contribution Benchmarking Survey. Thanks to your input, we had a 55% response rate, giving us some valuable insights that are meant to help guide your decisions and strategies moving forward.
On July 31, 2024, the Massachusetts Bankers Association completed and filed IRS Form 5500 for banks participating in Association-sponsored coverages, including Blue Cross Blue Shield of Massachusetts medical, dental, and retiree medical plans, as well as AIG business travel accident insurance.
We are writing to inform you that the Mass Bankers Group Insurance Plan has recently updated the Summary Plan Description (SPD) of our benefit plan. An SPD is a document provided to plan participants to explain their rights and benefits under a welfare benefit plan. This document is required by the Employee Retirement Income Security Act of 1974 (ERISA), a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers
JOIN A WEBINAR TO LEARN MORE ABOUT MENTAL HEALTH RESOURCES AND NAVIGATION
Need help understanding your Medicare health insurance options?
As a reminder, employer groups offering a Health Reimbursement Arrangement (HRA) are required to pay the annual Patient-Centered Outcomes Research Institute (PCORI) trust fund fee to the IRS by July 31, 2024.
Blue Cross Blue Shield of Massachusetts will begin offering coverage for an annual mental health wellness exam starting March 31, 2024. This examination can be conducted as part of the annual preventive visit with your primary care provider (PCP) or as a standalone appointment with a PCP or licensed mental health professional.
We are excited to announce the latest addition to the Group Insurance Trust Plan Committee. Please join us in welcoming Chuck Leach, President & CEO, Lee Bank.
On August 4th, 2023, the Massachusetts Bankers Association completed and filed IRS Form 5500 for banks participating in Association sponsored coverages including the Blue Cross Blue Shield of Massachusetts medical, dental, and retiree medical plans as well as the AIG business travel accident insurance.
On October 12, 2022 the Massachusetts Bankers Association (MBA) completed and filed IRS Form 5500 for banks participating in the Association sponsored BCBSMA medical, dental, and Medex plans and AIG business travel accident insurance. Form 5500 is an annual report, filed with the U.S. Department of Labor (DOL) to provide the IRS and DOL with information about the plan's operation and compliance with government regulations. Attached to this bulletin you will find a copy of the Form 5500 for your files.