DFR APPROVES PLAN TO PROVIDE NEARLY $3 MILLION IN DENTAL INSURANCE PREMIUM RELIEF

News Release

State of Vermont
OFFICE OF THE GOVERNOR

For Immediate Release
Thursday, May 28, 2020

Contact
Stephanie Brackin, Department of Financial Regulation
802-828-4872 | stephanie.brackin@vermont.gov

 

DFR APPROVES PLAN TO PROVIDE NEARLY $3 MILLION IN DENTAL INSURANCE PREMIUM RELIEF

Montpelier, Vt. - Governor Phil Scott and Department of Financial Regulation (DFR) Commissioner Michael Pieciak today announced the approval of a premium relief plan submitted by Northeast Delta Dental, Vermont’s largest provider of dental benefits. In total, $2.89 million in premium relief will be provided to approximately 70,000 Vermonters after the suspension of most dental services due to COVID-19.

“I’m grateful for Northeast Delta Dental’s effort to ease the burden on Vermonters as we’ve had to limit dental services in response to the Coronavirus pandemic,” said Governor Scott. “Every bit of relief for Vermonters during this difficult time is valuable, so I appreciate DFR’s ongoing work with the insurance industry to help save Vermonters money.”

The premium relief will generally be equal to one month’s premium and will be reflected as a credit on a customer’s July premium bill.

“After evaluating how we could best support our customers, we decided to provide financial relief by crediting their accounts one month’s worth of premiums or fees,” said Northeast Delta Dental President & CEO Tom Raffio. “Our COVID-19 relief also includes a rate hold for fully insured individual and group customers renewing July through December 2020.”

DFR is actively reviewing refund plans submitted by other dental insurers and encourages all dental insurers to determine whether Vermonters have overpaid and promptly file a plan to reduce or refund premiums. DFR will review and announce such plans as approved and will continue to monitor insurers’ experience and finances to ensure that Vermonters’ rates are not excessive in relation to changing risks.

“I appreciate that the insurance industry continues to work with us to identify ways to support Vermonters who are impacted by the COVID-19 crisis,” said Commissioner Pieciak. “When combined with recent auto insurance refunds, DFR has approved approximately $20 million in premium relief to Vermonters.”

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