The Wyoming Educators' Benefit Trust
What is the WEBT?
WEBT is the Wyoming Educators' Benefit Trust. The Trust is a combination
of public educational entities and now is offering eligible enrollment to
cities, counties, and other publicly funded employers. The purpose of WEBT
is to provide high quality employee benefit programs for its members and to
stabilize benefit costs.
When was the Trust formed?
The trust was formed in 1971 and has grown to over 5,200 employees and retirees.
The Trust fund has over $34,000,000 in premium deposits with over $11,000,000 in
reserves for the incurred but unreported claims liability and the stop loss
exposure.
What are the benefits for each participating group?
Each group will initially benefit from a reduction of administrative expenses.
An additional benefit is to spread the risk of adverse claims over a larger base
of insured's. Since the pool is partially self-funded, the participating
groups have been able to benefit from positive overall claims experience and low
administrative costs.
How fast is claim service?
It is the claims administrators goal to have 98% of WEBT non-investigated claims
in an "approved to pay" status within 14 calendar days of receipt.
How is the Trust governed?
The board of trustees is responsible for all policy decisions and represents
participating groups. Please refer to Board Members
for a list of the Board.
How is the Trust administered?
The WEBT consultant handles the marketing, implementation of service, and
proposals. The consultant also acts as an advocate for employers and
employees with the third party administrator. A third party administrator
handles membership, adjudicates claims, and provides customer service for WEBT
members. Finally, there is a re-insurance company insuring catastrophic
claims.
How is the WEBT funded?
Each district is given an annual premium cost. All premiums are deposited in the WEBT account and used to pay claims and administrative expenses. The WEBT itself is self-funded, and because it is purchasing administration and stoploss for a group of over
5,200 contracts, over 90% of every premium dollar paid is available to pay claims.
This provides for greater stabilization of rates over the long term.
How has the Trust financially benefited its members?
The WEBT has consistently outperformed the market for rate increases. As a
general rule participating groups have rates that are 10% to 20% below similar
type employers outside the pool.
The WEBT has developed reserves to assure long term financial stability. Purchasing stop loss insurance to protect adverse claims on any single claim further enhances this financial security.
How is the self-funded plan protected from high claims?
The Trust is a self-funded plan with specific stop loss coverage underwritten by
a company with an A rating or better.
Special Retiree Benefits
Retirees receive the added security of coverage offered through the Trust. Early retirees under age 65 will be able to continue their coverage (providing the school district/public
entity continues to be a member of the Trust) with no waiting periods for pre-existing conditions up to the age of 65. Medicare eligible retirees may also continue coverage through the Trust. Both under age 65 and over age 65 retirees have full prescription drug coverage through the Prescription Drug Card Program.
For further information please refer to What does the WEBT Offer Retirees?
section or for
more questions and answers please refer to Retiree Questions.
Additional Program Choices
Dental Vision
(please refer to the Vision Service Plan section)
Life, AD&D & Long Term Disability (Life and LTD)
Cafeteria Plans (please refer to the Cafeteria Plans
section)All programs include access to the Blue Cross Blue Shield of Wyoming Affiliated Physician Program and the national Blue Cross Blue Shield Out Of Area Provider Network. For more information please click BCBSWY to view their web site.
Local Administration
The Trust is currently contracting with Blue Cross Blue Shield of Wyoming to administer its programs. This allows for quick and accurate local claims processing. In addition, all covered district
and entities employees will carry the Blue Cross Blue Shield Identification card which is recognized and respected by health care providers throughout the United States.
Complete Financial Reporting
Each participating district or entity will be provided with quarterly and annual reports on the financial standing of the Trust as well as its own individual standing.
How do I get more information about the Trust?
Please contact the Trust Consultant. They will be happy to answer all
questions and give your group a no-cost and no-obligation rate proposal.
Trust Consultant
Willis HRH
115 E. 22nd Street, Suite 208
Cheyenne, Wyoming 82001
(307) 634-5566
(800) 640-4459