The pipeline industry benefits fund is a trust fund regulated by ERISA. This plan consists of the boards of trustees and they are there to provide retirement security and health. The workers be it men and women and their families, who work in this pipeline industry are the beneficiary of this fund.
This fund is a sum between a joint signatory contractor and the union to cater for the accident, health and pension. This is the benefits of the employees who are working under United Association National Pipeline Agreement. There are many benefits of pipeline industry benefits funds are,here are some of them.
The PIBF covers medical plan to the employees. The pipeline industry benefits fund covers the medical plan, after an employee have paid the amount of money needed for the cover to be active. This amount is referred as health care expenses. When the individual or family expenses are deducted the PIBF will then ensure payment as indicated in the Summary Plan Description. The PIBF plan deduction start every first month of the year. The combined family members have to meet a certain amount of money let’s say $ 1,000 which is a family maximum deduction. Although $ 500 is the maximum amount any member of the family can be accounted for after meeting the family deductible.
They also cover the retiree and retiree with medical plan deductible and coverage. The retiree medical plan has to be paid a maximum of $500 every year and this is too impatient, and $1000 which is for the family maximum deductible every year. They also pay 80% that is to the in-network and 70% on out of network expenses. They also pay a certain amount of money on out of pocket individuals to the in-network and out of network work. The in-network receives a higher amount than out of network.
The retiree who has medicare plan do not have yearly deductable on any office services or outpatient. The PIBF pays 80% of Medicare co-insurance. While the out of pocket Medicare plan per person is $500. When you have met the out of pocket limit the coverage will be 100% for the remainder of the calendar year.
The pipeline industry benefits fund also offers out of pocket funds. This is co-insurances the employees are required to pay in order for them to benefit from this out of pocket funds. The amount of 20% is required to the in-network and 30%to the network. This is to those who are on medical plan expenses processed by pipeline industry benefits funds. When the individual meets the requirements of paying the amount of money needed in the calendar year. The in-network and of network covered medical expenses to the individual are paid fully.
The members also benefit through Accident Death Benefits. In case of the death of an individual or family member, the PIBF also pays a certain amount of money to the individual or family member. They also offer weekly disability benefits, hearing aids benefits and also laser surgery which towards the cost of vision surgery.