PMCI Employee Benefit Services | 401k Thrift Plan | Dental | Life | Medical | Vision
PMCI Dental, Life, Medical, Retirement and Vision Plans
The deepest principle in human nature is the craving to be appreciated. — William James
Human capital is typically the single greatest line item expenditure of a business. In today’s highly competitive job market, finding the best employees and keeping them often depends on the EMPLOYEE BENEFITS provided by the employer.
Through PMCI’s group buying power, members of the association can access affordable employee benefit services and packages. We’ve done the research for you and have found the most competitive quality benefit offerings available to businesses.
PMCI members formed the Trust in 1955 to offer group health benefits to members of the association. It continues to provide an important service to members today. We are not subject to all of the same taxes and commission structures that other insurance companies are and that helps to lower overall management expenses. A portion of the premium is based on the experience of the overall group of employers in the Trust. For the most part, however, we must treat groups as individual groups and adjust premiums just as any insurance company does. The plans offered are determined by a volunteer board of Trustees with the counsel of insurance and actuary specialists as well as a legal team well-versed in federal health care reform and regulatory compliance laws.
Health Care Reform Timeline
As health care costs continue to rise, we are pleased to report that the Trust has not, on average, had to increase premiums beyond single digits for the last few years. The Trust is financially strong and growing. Our actuary firm, insurance consultants and Trustees review claim utilization and demographic changes within specific member groups and over time. Each individual company’s claim directly relates to premium changes for that company.
As do other insurers, we operate within the industry standard and enforce a 75% participation rule for all classes of employees determined to be eligible for medical and dental coverage less valid waivers. This standard prevents adverse selection and also helps insure financial stability of the Trust. No group is turned away. All groups will be quoted a premium. Groups with five or more employees enrolled in the medical plan have the ability to elect two plan designs (dual option) providing benefit customization and flexibility for employees.
We currently offer nine (9) different Medical Options. All employees in the PMCI Trust are provided a complimentary $15,000 term life insurance policy. Additional coverages for dependents are available at a discounted rate.
For more information call Mary Johnson with LMC Insurance, (800) 677-1529.
This service is exclusive to PMCI members.
Not a PMCI member? Visit this website's "Join Us!" tab for membership registration or call toll free (877) IOWA OIL | (877) 469-2645 for assistance.