(WTNH) — Administrator of the Chamber Insurance Trust Stephen Glick and President of the CT Chamber Leadership Council Joann Ryan talk about how Connecticut Chambers of Commerce offers healthcare alternatives for business communities.
The rising costs of premium and limited access available to the state’s business marketplace is a concern for many in Connecticut.
The Chambers of Commerce has three different markets to help:
Market 1: Employer groups of one and two employees . The Connecticut Chamber program is known as the Gateway Program. The program uses an integrated benefit solution that uses health plans with packaged products such as dental and hospital indemnity programs .Tied together builds an affordable package that is not available in the marketplace.
Pending the Trump administration, Association Health Plans may be created with as little as one employee joining. A common association of like businesses or their local Chamber of Commerce. These programs don’t comply with all Affordable Care Act requirements.
Market 2: Level Funding groups of 15 to 30: Groups will have transparency and control, guided by ERISA rules . It offers Protection of liability frozen by stop loss carriers. If claims are below maximum costs the difference of premium is returned to business. It does not stay with carrier.
Market 3, Captive Group owned by its members . Insurance becomes an asset on balance sheet . Approximately 15% fixed costs. Employer retains some risk, shares some risk and shifts catastrophic risk. Services can be best in class, flexible. It has transparent control and the employer retains profits on 80-85% of claims spend. The rate increases over the last 10 years less than 4%.