70.4 F
Fort Worth
Monday, September 28, 2020
- Advertisements -
Health Care Chamber rolls out health insurance group plan

Chamber rolls out health insurance group plan

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

 

Carolyn Poirot

Business Press Health Correspondent

cpoirot@bizpress.net

The Fort Worth Chamber of Commerce has rolled out a group purchasing program to make health care insurance more affordable to small businesses and their employees. The Chamber Health CO-OP program will offer major medical health plans complete with wellness components designed specifically for Chamber members with fewer than 50 employees. That’s 1,526 Fort Worth area businesses – about 75 percent of the Chamber’s membership, said Marilyn Gilbert, executive vice president of marketing for the Chamber.

“The Fort Worth Chamber works with hundreds of employers throughout Texas so we are better able to negotiate discounts with large carriers and other benefit providers,” Gilbert said. “The majority of our members are companies with fewer than 50 employees – 1,063 have fewer than 10, so we expect the co-op to be most popular among our members.”

“With this program, employees can pick and choose the benefits they want based on their individual needs, while at the same time containing employer and employee costs,” Gilbert said. “We have been approached about offering something like this before, but we have never before had a unique product to offer that our members could not get in the regular open market.” The co-op plan is designed to make it easier for small employers to self-insure, said Ron Fuhrman, benefit advisor for TrueNorth, the financial strategies company that formulated the program. Fuhrman presented details of the co-op plan Thursday at the Chamber’s annual health care summit, sponsored in part by the Business Press.

The Chamber is also finalizing a plan which will offer its larger members who already self insure on an individual basis, help in avoiding some of the costs associated with reinsurance to comply with all the mandates of the Affordable Health Care Act. Larger companies have another year to comply with all the mandates and requirements of the Affordable Care Act (ACA), and details of that program will follow over the next year, Fuhrman said. Both programs rely on a “stop-loss” insurance policy which kicks in after the cost of self-insured medical care reaches certain dollar limits.

Members of the co-op can expect to save 5 to 10 percent off their current insurance rates and 15 to 20 percent off next year’s rates, Fuhrman said. Gilbert said TrueNorth approached the chamber eight or nine months ago with alternative programs that meet all the ACA mandates. Even though small companies don’t have to provide employee insurance under the federal legislation, a lot of them have chosen to do so in efforts to attract and retain a strong workforce, Gilbert said. In the Chamber’s annual membership survey, 37.5 percent said their employee health benefits cost them 6 to 15 percent more this year than last. On either end of the spectrum, 22 percent reported increases of less than 5 percent and 16 percent said they spent more than 25 percent more this year. The new co-op is not related to the publically funded co-ops that are part of the federal marketplace, Gilbert said. For more information, go to www.fortworthcoop.com .  

- Advertisements -
- Advertisements -

Latest News

Tarrant County reports 8 COVID deaths on Saturday

Tarrant County Public Health reported eight COVID-19 deaths on Saturday, Sept. 26. The deceased include a man from...

How a glitchy computer system skewed Texas’ coronavirus data and hampered its pandemic response

By Shannon Najmabadi and Edgar Walters, The Texas Tribune Sept. 24, 2020 "How a...

2 COVID deaths reported Friday in Tarrant County

Tarrant County Public Health reported two COVID-19 deaths on Friday Setp. 25. The deceased include a man from Arlington in his 80s,...

After Ginsburg’s death, high stakes for Texas’ legal challenge to the Affordable Care Act

By Emma Platoff and Edgar Walters, The Texas Tribune Sept. 25, 2020 "After Ginsburg’s...

Houston sampling wastewater to track spread of COVID-19

By JUAN A. LOZANO Associated PressHOUSTON (AP) — Results from a program that's testing Houston's wastewater to monitor the local spread of...