New Monthly Shares Starting Sept 1

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Posted by admin | Posted in Samaritan Perks | Posted on

Samaritan members recently had an opportunity to vote for a possible rate increase for our monthly shares (Samaritan Classic only). Members always get a voice when it comes to what we pay at the various levels. The board proposed a specific rate increase for each tier, and the creation of a new tier for larger families. The members overwhelmingly voted to increase the monthly shares, with an approval of 81.6% of the votes cast. It has been three years since the last rate increase, which is a very long time in the healthcare world as standard insurance companies have premium changes each month, often large ones.

The new shares for Samaritan Classic, effective September 1, 2019 are as follows:

1 person under age 30: $160 (no change)

1 person age 30 or older: $227 (up $7)

2 persons: $454 (up $14)

3-7 person families: $530 (up $35)

Families with 8 or more persons: $555 (up $60)*

*This new tier for 8 or more will not be ready by Sept 1, those families will temporarily increase to the $530 level until that new tier is created.

Also note: the rates for Samaritan Basic did not change.

 

As you can see, these increases are very very small in comparison to what insurance customers tend to see, as well as compared to how long it’s been since the previous increase. Samaritan members have done an outstanding job of keeping costs low for the membership through discounts and smart health care shopping. This is reflected in how small the increases really are and that it’s been 3 years with no share increases. However, the cost of healthcare continues to climb so these increases are necessary to maintain Samaritan’s ability to continue serving the needs of their members.

Note: In the previous 3 years, share rates were actually decreased 7 times when there were fewer needs than money available. No insurance company does that! 🙂