The 2022 premium rates for the WELS VEBA Group Health Care Plan will not change compared to the current 2021 rates. The 2021 rates for all WELS VEBA health plan options will remain in effect for 2022. The WELS VEBA health plan has experienced better-than-expected claims costs and investment returns over the past two years, which has allowed the WELS VEBA Commission to not increase rates for 2022 while maintaining adequate reserves. No significant changes to cost-sharing amounts (e.g., deductibles) or covered services are expected for the 2022 plan year.
This marks the second straight year with no premium rate increases. Over the four-year period from 2019-22 WELS VEBA rates have increased by only 4%, which does not include the approximately $4.2 million in savings passed on to participating sponsoring organizations during the August 2020 WELS VEBA premium holiday. The WELS VEBA Commission is pleased to provide this rate stability to help support WELS ministry efforts.
The WELS VEBA Commission approved a limited open enrollment for WELS VEBA medical benefits that will run from November 1, 2021 through November 30, 2021 for new coverage effective January 1, 2022. Eligible workers serving at sponsoring organizations with at least one active worker enrolled in WELS VEBA medical benefits will have the opportunity to enroll for new coverage or make changes to their existing coverage. Open enrollment materials will be mailed to eligible workers in late October.
In addition, workers who are eligible for the limited open enrollment for WELS VEBA medical benefits will have a special open enrollment opportunity to enroll for new or increased WELS VEBA group term life insurance through Sun Life without evidence of insurability up to the following amounts: $150,000/employee; $25,000/spouse; and $5,000/dependent child. The life insurance special open enrollment will run from November 1, 2021 through November 30, 2021 for new coverage effective January 1, 2022.