History
The Grinspec Group Insurance Trust is a Multiple Employer Trust
(MET), formed in 1985. The original purpose of the Trust was to
provide Dental/Prescription Drug/Vision benefits to school boards.
Over the years, the Trust expanded to include Medical coverage and
to allow municipalities to participate. Today, the Trust is
available to school boards and municipalities for a complete line of
employee benefit coverages encompassing Medical/Dental/Prescription
Drug/Vision. The Medical coverage includes the availability of
Traditional Indemnity/PPO/POS/HMO.
From the original
inception date in 1985 through July 1, 1997 all coverages provided
through the Trust were underwritten by CIGNA. This worked extremely
well throughout this time period for the participants in the Trust,
as CIGNA was recognized as one of the leading carriers in the public
sector marketplace. Since then, the marketplace has undergone
significant change. The Trust has adjusted to this change by
diversifying and now provides coverages underwritten by four
different insurance companies. Such flexibility allows the Trust to
deliver competitively priced products to the Trust participants.
Currently, the Trust provides benefits to more than 130 New Jersey
school boards and municipalities.
Advantages
The following is an outline of the specific advantages the Trust
continues to deliver to the public sector marketplace:
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Fully Insured - The Trust is fully insured,
which makes it compliant with school board and municipality
regulations. There are no hidden costs such as those which may
appear in a self-funded arrangement.
-
Stability - The size of the Trust allows for
a greater spread of the claim risk, which helps negate the
volatile swing in healthcare costs.
-
Budgetability - Historically the Trust
renewals have been at, or below, marketplace trends at the time.
-
Flexibility - The Trust allows for the
freedom of each school and municipality to negotiate their own
specific benefit levels, by line of coverage.
-
Leverage - The size of the Trust provides
for a favorable position in negotiating with the carriers on all
items including cost and service.
-
New Carriers - The Trust has greatly
assisted in attracting new insurance carriers into the public
sector marketplace.
-
Longevity - The Trust has been in existence
since 1985, providing the public sector with a stable, flexible
alternative for its healthcare needs.
-
Service - Grinspec employees are committed
to the Trust and to providing the participants in the Trust with
the highest level of customer service.
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2008 • Grinspec Consulting