|Some of PHBP's Plan and Benefit provisions have changed in 2018.|
PHBP achieved a 4% renewal rate for 2018, which is half of the 8% trend seen in the Large Group Plan market, and a fraction of the 20% average renewal rate seen in the Small Group Plan market. With that being said, with the 4% increase to premium, along with several years of double digit premium rate increases in prior years, the Trustees feel that it is necessary to share the additional expenses with both Contributing Employers and Freelance Employees.
The resulting Plan changes are as follows:
- Eligible Freelance Employees will be charged an annual fee of $300 per Freelance Employee. The fee will be billed at the start of each Freelance Employee's Coverage Period.
- The gross earnings eligibility requirement has been increased to $35,000 from $30,000. For eligible freelance employees in the middle of their Coverage Period, their benefits will continue until the end of their current Coverage Period, at which time, the work performed during their current Qualifying Period will count toward achieving eligibility for next year's Coverage Period. Next year's Coverage Period eligibility will be governed by the updated eligibility requirement. Please note that the 100 day requirement is still in place.
- Contributing Employers will make freelance employee contributions at the rate of 9% of gross earnings (the current rate is 8%).
In addition, the Plan's provisions were updated to provide greater clarity around the following:
- A "day" for eligibility purposes: a "day" is 8 hours. Only one "day" may be assigned per 24 hour period, and no fractional days will be assigned.
- A "commercial" is defined to be: "A moving picture work regardless of method, means or medium of production or post production (whether film/tape/digital/animation or other) that promotes or advertises a brand, product or service to the general public and regardless of the distribution format/medium/platform/channel, but excluding music videos.