Whidbey Health management needs to take action NOW to make medical care more affordable
Dear WSNA Nurses,
On Friday, October 16, WSNA leaders met with HR Representatives and staff from IMA, Whidbey Health’s insurance broker. During that meeting, WSNA learned three key facts about medical insurance at Whidbey Health.
Whidbey Health management needs to take action NOW to make medical care more affordable.
Here are the facts:
SIGNIFICANT SAVINGS on BENEFITS SPENDING: The IMA Representatives shared that as of the end of August, the Year-to-Date loss ratio for the Employer’s medical plan was eighty percent (80%). Put differently, that means of every dollar that Whidbey Health spent on premiums (both the Employer and the Employee premium contributions), the Employer spent 80 cents on actual claims. Because Whidbey Health is self-insured, that means all the extra revenue goes into the Whidbey Health’s reserve fund that pays our healthcare bills.
UPCOMING PHARMACY SAVINGS: WSNA learned that Whidbey Health is projected to save an estimated thirty percent (30%) on pharmaceutical costs as a result of transitioning to a new Pharmacy Benefit Manager, or around $600,000.
RISING COSTS FOR PLAN YEAR 2027: The IMA Representatives shared that overall plan costs are estimated to rise approximately nine to ten percent (9-10%), and that it is up to Whidbey Health management to make decisions about how much of these cost increases will be borne by nurses and other employees versus the employer.
WSNA sent a letter to Whidbey Health CFO Paul Rogers on Monday, October 19 requesting that based on facts #1 and #2, the Employer take advantage of current and future cost savings to hold current premium shares constant, and not increase nurses’ out-of-pocket premium costs. We are still waiting for a response.
If you believe it’s time for Whidbey Health management to take action to make medical care more affordable, please send a quick email to WSNA Representative Robin Cully ([email protected]) to learn more about how to get involved.