VSP to Give Rate Pass on Upcoming Renewals
While so much has changed in our business environment due to the COVID-19 pandemic, VSP is committed to doing all they can to help you and your clients navigate through the uncertainty and move through toward recovery.
Effective immediately, VSP will ease the burden of the current business climate by automatically extending policies for commercial clients with less than 1,000 enrolled that are scheduled to renew between August 1, 2020 and March 1, 2021. This extension will allow clients to keep their current rate for 24 additional months and help to provide them with stability and fiscal certainty.
If your client already received their renewal notification for policies renewing August 1, 2020 through September 1, 2020, your client may disregard that notice. VSP will automatically extend their current rate and policy.
What happens next? Instead of the typical renewal process, your clients will receive an amendment to their existing policy reflecting the extended term without any changes to their existing rates. There is nothing else you or your client needs to do.
It is VSP’s hope that these measures will make things easier for you and enable your clients to maintain their focus on other essential decisions thee are having to make during the COVID-19 pandemic.