With the rising cost health insurance, many small businesses in Missouri have found themselves either priced out of the market or being forced to offer plans with fewer benefits. However, an innovative health insurance model is poised to change that for thousands of small businesses across the state.
The Chamber Benefit Plan, available statewide on August 28, is a joint effort between the Missouri Chamber of Commerce and Industry and the local chambers of commerce that comprise the Missouri Chamber Federation. The health insurance offered by the Missouri Benefit Plan first rolled out to a limited number of small businesses in 2017. The plan uses an innovative multiple employer welfare arrangement model. This model enables smaller employers to join together and share in the overall claims risk by being part of larger self-funded pool. Currently 1,200 small businesses are part of the plan which is providing coverage to 17,000 Missourians.
Those numbers are expected to increase under a new law passed by the Missouri General Assembly and signed by Gov. Mike Parson.
“We are thrilled that the Chamber Benefit Plan is now marketable to all eligible businesses in Missouri. Members tell us frequently how the plan has stabilized and reduced their insurance costs while offering great coverage for their employees,” said Daniel P. Mehan, President and CEO of the Missouri Chamber of Commerce and Industry. “We are grateful to the leaders in the Missouri Capitol who took swift action to clear the way for small employers to gain access to medical coverage and savings that directly impact their bottom line, and we look forward to spreading the word about this valuable health insurance option.”
The plan is offered across Missouri to businesses with 2-50 eligible employees. Small employers who want to learn more, find a certified broker and listen to testimonials from Missouri small businesses can start by visiting www.chamberbenefitplan.com.
“We’re committed to simplifying health care and we’re proud to partner with the Missouri Chamber of Commerce and Industry to expand the Chamber Benefit Plan, an innovative solution that helps address the rising cost of health care for Missouri small businesses,” says Amadou Yattassaye, president of Anthem Blue Cross and Blue Shield in Missouri and HealthLink, Inc.