RALEIGH, N.C. — Recognizing the COVID-19 economic shutdown reduced access to routine and elective dental care, Treasurer Dale R. Folwell, CPA, has announced a premium reduction of about 50% for retirees receiving supplemental dental coverage through Pierce Insurance. Policy holders will enjoy nearly $2.3 million in savings.
Treasurer Folwell, the Department of State Treasurer and Pierce Insurance, the state’s partner that provides supplemental insurance for retirees, negotiated a one-time reduction in premiums charged for dental insurance offered through UnitedHealthcare. UnitedHealthcare has agreed to forgive approximately 50% of the May dental premium for retirees participating in this supplemental coverage through Pierce Insurance.
The one-time credit will be reflected in participating retiree paychecks in June. Regular deductions will resume in July.
Treasurer Folwell likened the premium reduction due to diminished access to dental care to initiatives put in place by most major auto insurance carriers. They have instituted refunds and credits for customers who are sheltering in place during the economic shutdown and therefore driving less.
“We have seen the impact of the Covid-19 pandemic in our families, our communities and in businesses we rely on each day. The Retirement Systems Division has been diligent in providing timely services and value to current and retired public servants of North Carolina,” Treasurer Folwell said. “I am proud of our staff and partners who recognized a need and negotiated a credit on behalf of our retired members.”
Retired teachers, retired law enforcement officers and other retired workers who elected to participate in the UnitedHealthcare dental insurance offered through Pierce will see nearly $2.3 million savings on dental premiums this year due to the negotiations related to the impact of COVID-19.