Council on Members Insurance and Retirement Programs approves premium credits
The more than 100,000 members who participate in the ADA's group life, disability or medical supplement insurance plans will see higher discounts when they receive their next premium bills.
This is thanks to recent premium credit increases that the Council on Members Insurance and Retirement Programs approved Aug. 20.
Premium credits are a unique feature of the ADA Insurance Plans that allow participants to benefit when the program does well financially. The plans are established under a group contract that allows for available surplus to be returned to participants in the form of a premium credit when the plans have favorable financial and claims experience. The credit reduces the net premiums.
Premium credits are evaluated annually but not guaranteed. The ADA has been able to pass along this discount to members for many years, and the ability to achieve these results during a recession is noteworthy.
The ADA Insurance Plans include term life, universal life, disability income protection, business overhead expense and medical supplement insurance. The plans are underwritten and administered by Great-West Life & Annuity Insurance Co. through a partnership with the ADA dating back more than 75 years.