Medical Mutual Issuing Premium Credits to Large Group (51+) Fully Insured Customers
Medical Mutual is issuing premium credits to large group (51+) fully insured customers who were active with us between March 1, 2020 and May 31, 2020, including those on a contingent premium arrangement and those with a December 2020 premium holiday. The credit reduces the groups' applicable December medical, dental and/or vision premiums by 30%. Please note that not all groups have all three products.
For groups on contingent premium arrangements, the total refund amount will equal 30% of applicable medical, dental and/or vision premiums for the group's December coverage. However, if the group already received a contingent premium settlement payment this year, the total refund will be adjusted since the previous contingent premium settlement payment already accounted for lower utilization due to COVID-19 during March through May of this year. Any future contingent premium settlement payment that includes March through May of 2020 will have this credit recognized accordingly to the calculations.
While Medical Mutual has been at the forefront of offering support to our communities through our Pandemic Relief Initiative, the premium credit is meant to make that support a little more direct for our customers and provide some financial relief during these challenging and uncertain times.
Group officials will be notified of the premium credit via email no later than Nov. 24, 2020. These groups can expect to see the premium credit when they receive their December 2020 invoices. Groups with a premium holiday will receive a check for the December refund amount in January.
If you have questions about the credits, please contact your BUA representative.