Rising health care costs, health care reform, and economic challenges pose significant challenges to committees negotiating Collective Bargaining Agreements. Employers are moving to health care plans with high deductibles and even higher out of pocket limits. While this shift helps to maintain the premium cost of the health insurance plan, it does so by placing a larger financial burden on the backs of the members.
Consider these statistics:
46% of the population has less than $1,000 in savings for unexpected healthcare expenses
Illness and medical bills were the cause of 62% of the personal bankruptcies in the U.S. last year – 78% of those families had health insurance
Even families with health insurance incurred an average of just under $18,000 in out of pocket cost for their treatment
The Machinists Custom Choices Worksite Benefits Program is a suite of supplemental insurance products that were designed to fill the gaps of the plans provided through the Collective Bargaining Agreement. Members select the product(s) and benefit amounts that meet their family's needs. Policies issued through a member's participation in the program pay benefits directly to the insured regardless of any benefits the member may receive from employer sponsored plans.
Since its inception, the program has allowed members to provide more financial security for themselves and their families through a series of supplemental insurance products offered at the worksite through payroll deduction. The Life, Catastrophic Loss rider, Critical Illness, Cancer, Accident, Short and Long-term Disability Income, and Hospital Indemnity policies were custom designed for Union members and negotiated with features and values based on the needs of the Union population. In addition, the EBS Retirement Division assists those retiring and retired Union members with access to group Medicare and retiree Dental coverages.