The Michaels Organization
Overview
The Michaels Organization sponsors a self-funded health plan that covered 2,036 participants in plan year 2024. The plan year starts in May. Alongside medical, its benefits filing reports life insurance, dental, vision, short-term disability, and more.
- Plan type
- ERISA welfare benefit plan, self-funded (benefits paid from employer assets or a trust)
- Participants
- 2,036
- Plan year
- Begins May 1 · next renewal May 2027
- Health plans filed
- The Michaels Organization Voluntary Employee Benefit Trust, plan 501 (2,036 participants)
- Stop-loss carrier
- Sun Life Assurance Company of Canada
- Broker compensation
- $538K across insured contracts
Insurance carriers
Insured coverage reported on Schedule A. Self-funded medical claims aren't reported there.
| Carrier | Coverage | Covered | Premium | Broker comp |
|---|---|---|---|---|
| Sun Life Assurance Company of Canada | Stop-loss | 1,431 | $3.5M | $474K |
| Metropolitan Life Insurance Company | Dental, Life, Long-term disability, Medical, Short-term disability | 3,870 | $2.4M | $59K |
| Hmsa Health Plan | Medical, Prescription drug, Dental, Life | 34 | $373K | — |
| MetLife Legal Plans | Prepaid Legal | 232 | $46K | $5K |
| Usable Life | Short-term disability | 49 | $14K | — |
Pharmacy benefit estimate
StreamRX estimate for a plan this size. Not based on this plan's claims.
Estimated prescription spend: 2,036 participants × $2,371 national average per member. Usually higher once dependents are counted.
Typical savings opportunity found in independent reviews of plans this size.
Form 5500 filing details
- Filing
- Form 5500 with Schedule A, plan year 2024
- Plan sponsor
- The Michaels Organization
- Sponsor EIN
- 47-4070382
- Plan number
- 501
- Filed with
- U.S. Department of Labor (EBSA) via EFAST2
Verify this filing: search EIN 47-4070382 in the Department of Labor's EFAST2 Form 5500 search.
Retirement plan
- Plan
- The Michaels Organization 401(k) Plan
- Type
- 401(k) plan
- Participants
- 3,572
About this data
Source: The Michaels Organization's Form 5500 filing for plan year 2024 and its Schedule A insurance reports, published by the U.S. Department of Labor. "Self-funded" means the filing reports benefits paid from employer assets or a trust, with no medical insurance contract or with a stop-loss contract. Pharmacy figures are StreamRX estimates based on national averages. StreamRX is not affiliated with The Michaels Organization.