Information on Veteran’s Health Insurance Pool

Want to provide your employees with great benefits!

Maybe you do not know where to start or you think it is too expensive. The Veteran Business Resource Center (VBRC) is collaborating with a few groups to try to develop a Veteran’s Health Insurance Pool. We have had conversations on a national level with different veteran entrepreneur groups but are starting in Utah to find out if there is a large enough need and interest.

What is a Health Insurance Pool?

Small business enterprises have long complained that insurers hand out discounts to big clients, who have substantial purchasing power and large numbers of employees, and that those insurers too often try to make up those discount losses by hiking rates for their smaller clients. Unable to buy good coverage on their own, smaller companies were forced to rely on pooling plans created and managed by trade associations or other affiliated business groups, or pass on providing coverage altogether. In recent years, however, another alternative, in which private businesses band together and organize their own pools, has emerged. Distinct entities have been created to address both health and disability coverage needs.

Small businesses that join one of these pools can typically count on the following benefits:

1.     A community premium rate that is significantly lower than any individual rate it could demand, because the membership gains collective leverage that forces insurance carriers to modify premium and deductible demands

2.     In many cases, premium increases are capped for the first several years of the policy

3.     Centralized administration of the policy among all of the companies covered under it, which results in savings in work hours and paperwork

4.     Standard rates and benefits that do not fluctuate according to company size or workforce health history

5.     Selection of plans from multiple insurers (some plans allocate plan selection power exclusively with employers, while others allow workers to select from a menu of plans)

Interested, what are the next steps?

If you are interested please reply to this with your Company Name, the best person to contact within the company, email, phone number, number of full-time employees, zip code, and if you are currently offering your employees health insurance.

By leaving this information it allows us to see if there is a large enough interest, that it makes sense and would create savings for the veteran business owners. If you reply back with your interest we will reach out when there is more information available.

Information:

Email Jackie Hobson: jackie.hobson@slcc.edu

Call: 801-957-5288

2018-12-19T17:51:17-07:00December 19th, 2018|Categories: News|