Stronger together: ODA Wellness Trust provides affordable health benefit plans to dentists, staff
Ohio Dental Association member dentists created the ODA Wellness Trust several years ago to meet the needs of dentists and their staffs amid rising health insurance costs.
As the health insurance marketplace has become more and more restricted and continues to have a shortage of quality products, the ODA Services Corp. (ODASC) has made it a priority to offer quality, affordable health insurance to ODA members.
“All ODA members should consider the ODA Wellness Trust,” said ODA President Dr. Steve Moore. “This plan was created with dentists and their staffs in mind, and for many people it will provide more benefits at a lower cost than other health insurance plans that are currently available.”
The Wellness Trust has more than 1,300 participants from more than 620 offices and is able to leverage group buying power in the insurance marketplace. The Wellness Trust will provide more safety and cost savings as the group grows, so the more offices that participate the better the plan will be.
The ODA Wellness Trust is a self-funded, cost-effective health benefit plan. It is exclusively for ODA members and their staffs and offers traditional benefit plans as well as Health Savings Account plans. In addition to competitive rates, the plan includes unique features such as no contribution requirements, tax savings, attractive copay and deductible options, and an extensive provider network.
“I encourage as many offices as possible to participate in the ODA Wellness Trust so that we can realize its full potential,” Moore said.
The ODA Wellness Trust is a non-profit plan, which keeps rates lower, and the rate renewal is mainly determined using the claims incurred by the whole group and medical inflation.
According to a comparison conducted by L&E Actuaries and Consultants, on average ODA Wellness Trust rates are 15 percent to 30 percent lower than similar plans in the marketplace. While the benefits offered through the Wellness Trust are considered gold tier level, the cost is comparable with lower level products in the marketplace.
The Wellness Trust is an employer plan, which means that offices that enroll in the trust are required to offer insurance to all full-time employees (defined as those employees working 25-30 hours or more per week). No employer contribution is required, and employees are allowed to decline the coverage by completing a waiver form.
“Offering high quality, affordable health insurance can be a huge benefit when hiring and retaining staff, even if the dentist chooses not to contribute to the plan,” Moore said.
Participants in the plan can easily reach an insurance agent at the ODA who will handle the claim in a fast, attentive and courteous manner. The Wellness Trust also has a simple claims process and provides timely payments.
Open enrollment for the ODA Wellness Trust occurs each fall, but offices should begin researching insurance options before open enrollment. For more information, visit odawt.org or call 800-282-1526.