LAWTON – The State Chamber of Oklahoma, a statewide organization that advocates for businesses at the Legislature, has launched a program designed to help small businesses manage their health care costs.
The State Chamber’s president and CEO, Chad Warmington, promoted the ChamberCare program during the Lawton Fort Sill Chamber of Commerce’s Sept. 4 Lunch and Learn program at the Lawton Country Club.
“This is the perfect option for small businesses in the Lawton area,” Warmington said. “We think it’s going to be really competitive for small business with two to 50 employees. ChamberCare will help those businesses provide health care and help retain quality employees.”
Participating businesses could save between 10% and 20% on their health insurance premiums.
“If you can save 20% on a $200,000 premium, that’s a significant bottom- line issue,” Warmington said.
How ChamberCare works ChamberCare is open to small businesses with two to 50 employees. Businesses must be members of either the State Chamber or their local Chamber of Commerce to participate in the program, which offers several plan designs to fit participants’ needs and budgets.
ChamberCare will be able to offer price quotes to participating businesses around Oct. 1, Warmington said.
ChamberCare is structured as a multiple- employer welfare arrangement, a group health insurance plan that provides coverage to employees of two or more companies that are not under common control. Participating companies around the state who belong to their local Chamber of Commerce or their local Chamber can work together to form an insurance pool, which would allow young, healthy businesses to save money on their health insurance premiums.
The State Chamber sponsors ChamberCare but does not own or operate the program, which is a separate trust.
ChamberCare’s partners are Aetna’s network of health care providers; CVS/Caremark, the program’s pharmacy benefit manager; CirrusMD, which provides virtual health services; and Allied, the program’s third-party administrator.
Statewide Chambers of Commerce around the country that have similar health insurance programs have done well because they offer competitive rates to their members, Warmington said.
“I wouldn’t be doing this if it were just another insurance product because there are plenty of them out there,” he said. “But this, specifically, will afford small businesses an opportunity to get a competitive bid and potentially save some significant dollars while providing insurance for their employees.”
Retirement plans The audience also heard from Nick Eschenheimer, regional vice president of the financial services company Ascensus, who spoke about how his firm helps businesses manage retirement plans.
Many small businesses don’t have an employee whose only job is running the company’s retirement plan, Eschenheimer said.
“They’re offloading that onto somebody who is either answering phones or doing accounts receivable, accounts payable,” he said. “It’s just a lot of work for those people.”
Eschenheimer said his company can work with clients on designing their retirement plan, performing administrative tasks and educating employees about the plan.
Ascensus gives its clients access to a tax-advantaged retirement plan that delivers exceptional choices and value, according to the company’s website. The firm can also help businesses simplify administration, boost employee participation in the retirement plan and teach workers how to use it.