International Health Fund Welcomes Local 4 Indiana/Kentucky Participants
JOURNAL: ISSUE 2 - 2014
A leading principle of health care insurance coverage known as the “Law of Large Numbers” dictates that the larger the group of individuals insured, the more predictable the costs. In addition, there is a tipping point by which service providers for funds offer cost breaks and provide increased services.
These principles are now being put into practice, the positive result of the April 2014 strategic partnership that led to the merger of the Bricklayers of Indiana Health and Welfare Fund with the International Health Fund (IHF), nearly doubling the numbers of members covered by the IHF.
After weighing the advantages for participants of both plans, the decision was “a straight-forward one,” says IHF Executive Director Robin Donovick. “The IHF was able to keep the contribution rate the same, while improving the medical plan offering and adding additional coverage with Delta dental and VSP vision at no additional cost,” adds Donovick.
Ted Champ, President of Local 4 Indiana/Kentucky and a labor trustee of the Bricklayers of Indiana plan agrees: “We wanted our members to have access to the best care for the best price and IHF helped us accomplish that.”
Before April, members of the Indiana’s grandfathered plan had a $600 deductible – an individual’s out of pocket costs before cost-sharing with the insurer is applied to their office visits. As IHF participants, they can now see a doctor with a flat co-payment plus receive free preventive care.
In addition to better access to doctors and screenings, the IHF prescription drug co-payments were lower. The significant savings that the IHF achieves through the Sav RX prescription drug coalition are passed back to the member. IHF members can get a generic prescription for $5 and never pay more than $50 for a 30-day supply of medicine even if the prescription is for very expensive or specialty drugs.
As part of the larger IHF constellation, Local 4 IN/KY members now have greater access to personal health support and care coordination, such as assistance with chronic and catastrophic illnesses. They can also contact a dedicated Registered Nurse/RN who is able to provide treatment support, assist with discharge planning for members who are hospitalized, and answer specific questions about a member’s condition(s).
With the IHF’s generous “look-back” rules, more Local 4 IN/KY members are covered. Due to the steep economic downturn, the IHF reduced the eligibility to 200 hours per quarter. If a member has not worked 200 hours in the prior quarter, the IHF “looks back” to the past six months to see if the member has worked 500 hours. If the member has, the member is eligible for the following quarter. If not, the IHF looks back for the past 12 months, and if the member worked 1,200 hours, the member is covered.
“The IHF is dedicated to providing our members with the highest quality health and welfare solutions while maintaining costs. The Fund’s service commitment is strong because of our dedication to our members and it is through strength in numbers that we thrive,” says Executive Director Donovick.