Keeping a Pulse on Insurance in a Post-Pandemic World
With so much happening at GuideStone®, the markets and the world right now, we’ve asked some of our GuideStone insurance experts to share what they see as the most important industry updates and takeaways from a ministry perspective.
By John Murphy - Managing Director
Coming out of the pandemic, most of us have gotten out of the habit of going to the doctor, and many of us have not taken great care of ourselves. It is time to get serious and see your primary care physician for a preventive checkup and wellness screening. With so many doctor’s appointments canceled in 2020 and 2021, it is logical to assume that there are unchecked conditions, preventable heart issues, skin cancers and ignored injuries that need medical attention now before they become chronic or terminal.
As your advocate for wellness, we encourage you to do the following:
By Jake Gigl - Operations Manager
Telemedicine has completely changed the landscape of my family going to the doctor for the better. Not only does it give us a convenient and simple option to seek care, but it’s affordable. Whenever we have a medical question for our boys that we believe is appropriate, we’ll set up a quick phone or video call through Teladoc® — whether that be day or night, weekday or weekend. The convenience factor is essential for our family-of-four’s busy schedule and limited windows of time between naps, meetings, playdates and church events.
In our family, we keep Teladoc in our back pocket as much as we do Tylenol for our teething infant and rough-and-tumble toddler. We have called in for strep throat, allergies, colds, rashes and a number of other non-emergency situations. We have even used Teladoc when one of our family members started to feel poorly while on a road trip, and a virtual doctor called in a prescription at a pharmacy along our trip route. This easy, 24/7 access to care gives me peace of mind for my family and confidence in the coverage my family has in place.
By Jordan Puskos - Manager
It’s the time of year for ministry leaders to examine their employee benefit plans and decide whether or not it’s time to make a change. This can be a tedious process, so here are a few considerations.
1. As a ministry, it’s important to ask yourself, “Does our benefits package reflect the culture of our ministry?” If you have a younger ministry, there may be certain things to consider:
If your staff is more diverse in age, you may consider offering a variety of plans and optional life coverages so that employees can tailor benefits to their needs.
2. Cost is always a strong consideration. While shopping may be one way to achieve cost savings, other things to consider are high-performance plans, which base their network coverage on the providers that are the most cost-efficient while simultaneously reporting some of the best outcomes, saving your group an average of 10%*, with exact savings based on your geographic location.
3. Right behind cost is the time consideration. Changing plans or carriers usually can only take place within a re-enrollment window and can be a time-consuming process for both you and your staff, so it’s important to work with professionals who clearly communicate the timeline and make enrollments as smooth as possible.
It’s also important to consider the time of year. As we approach the holidays, employee focus shifts from the ancillary needs at work to things like closing out the year strong, holiday plans with family, school events for kids, etc. A clear communication strategy with both your insurance professional and your staff is highly encouraged for the best possible benefit implementation.
By Cody Mankin - Manager
The property and casualty industry continues to experience a hard market, which is causing insurance carriers to adjust the way they write their policies. Many insured organizations and individuals have already felt the effects of this hard market through increased premium and deductibles. This has left many scrambling to figure out how to afford these higher costs. At GuideStone, we are assisting our insured members by finding a solution for increased deductibles by providing them with an option to purchase a deductible buyback policy.
What is a deductible buyback policy?
A deductible buyback policy is a separate policy that an insured member purchases to reduce their first-dollar losses by transferring risk to another party in the event a claim occurs. This policy allows the insured member to reduce their deductible by paying a premium. This means the insured member pays a more affordable deductible, and the deductible buyback carrier pays the difference between the policy deductible and the amount the insured member paid. The main insurance carrier receives the full deductible amount through the two separate payments and then pays for any damages above the deductible, up to the stated limits of the policy.
Here’s an example:
Wind Deductible on main policy: 2% of building limit (Building Limit is $5,000,000. Deductible would be $100,000).
The insured member decides to purchase a deductible buyback policy that reduces the deductible to $10,000 (a difference of $90,000) for a quoted annual cost.
If the insured member files a claim, they would pay the $10,000 deductible they agreed upon with the deductible buyback carrier, and the deductible buyback carrier would pay the remaining $90,000 to the main insurance carrier. The main insurance carrier would then pay any amount above the deductible up to the policy limits.
If multiple claims occur during the policy period, then this same scenario would occur again.
If you have questions about if deductible buyback policies would be a good fit for your ministry or would like to receive a quote for a deductible buyback policy, please contact your agent or give GuideStone Property and Casualty® a call at (214) 720-2868.
By Edith Dorsey - Principal, Experience & Innovation Champion
At GuideStone, we seek to be your expert health care guide during every season of your life (and the lives of your family members). We hope to positively influence all areas of your well-being, including your physical, emotional, spiritual, relational, vocational and financial health.
With that in mind, during the months of July and August of 2022, GuideStone conducted a survey to determine how we can provide you with a “Kingdom-Level Experience” and advocate on your behalf.
The survey results are being compiled and analyzed. We intend to implement many of the ideas that our participants shared in this survey. In upcoming communications, we’ll share how your ideas are helping to shape how GuideStone is continually improving, evolving and innovating with you in mind. People matter — you matter — our participant voices matter to GuideStone!
To learn more about our insurance solutions, visit us at GuideStone.org/Insurance.
If you have questions or need assistance, contact us at Insurance@GuideStone.org or 1-844-INS-GUIDE (1-844-467-4843), Monday through Friday, from 7 a.m. to 6 p.m. CT.
*10% is a representation of average savings in qualified metropolitan areas and is subject to change.