DALLAS — GuideStone Financial Resources has experienced a third year of positive trends in its medical insurance rates, President O.S. Hawkins told trustees of the Southern Baptist entity during their Nov. 6–7 meeting in Dallas.
“For the third year in a row,” Hawkins said, “we will have no medical inflation increase in our rates for participants in our personal medical plans. “This year we were able to give 57 percent of our personal plan participants a rate decrease. For 2007, 40 percent of our personal plan participants will receive a rate decrease,” Hawkins said.
“In an environment where national medical costs are trending upwards at 8–12 percent per year,” he noted, “we have effectively stabilized rates while improving benefits for our participants.”
The transition to a single network provider, Highmark Blue Cross Blue Shield, has resulted in deeper discounts for medical services and, consequently, lower claims. Many participants have chosen higher deductible plans, which also has contributed to GuideStone’s ability to stabilize rates.
GuideStone’s pharmacy coalition agreement with Medco Health Solutions also has contributed to containing costs, Hawkins reported. While the national trend in pharmacy increases is running approximately 12 percent, he said pharmacy costs for GuideStone’s plans have only increased by 6 percent.
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