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All 30 credit unions that currently participate in the MEWA health insurance plan will be receiving a premium holiday for January 2022. The MEWA was formed in partnership with the League and the Insurance Trust.
The ability to offer this premium holiday is due to MEWA’s healthy risk-based capital ratio of 10.55% for the year ending March 31, 2021. This holiday equates to about an 8.3% decrease in premium for the current fiscal year.
In addition, the Board of Trustees voted to reduce the amount required as a pay-in for new members to decrease from three months’ premium for reserves plus the first month’s premium, to two months’ premium for reserves in addition to the first month premium. The change is awaiting approval from the Maine Bureau of Insurance.
This program is an available health insurance option to Maine credit unions and CUSOs. Many that are using it now have been able to realize a premium stabilization or reduction over prior programs. It serves as a great example of the benefit of the collective efforts of Maine’s credit union community.