MEMPHIS, Tenn. — A new initiative will help small businesses in Memphis with the rising costs of health care coverage.
Wednesday, the Greater Memphis Chamber and United Healthcare announced the launch of a new health care coverage aimed at small businesses with 5 to 99 employees. The chamber said the UnitedHealthcare Level Funded Health Benefits Plans is available exclusively to its members, and could save businesses up to 30% off the cost of traditional plans, along with a 2% discount off premiums for Chamber members.
The chamber said “level funded” means small businesses pay the same amount to fund their employees’ health coverage each month. “If costs are lower than expected, then those plans receive a surplus refund at the end of the year. If costs are higher than expected at the end of the year, then the stop-loss insurance built into the small businesses’ monthly funding payments kicks in to protect them.”
The chamber said the plans also offer mental health and pharmacy benefits, virtual doctor visits, and incentives of up to $1,000 annually for employees who participate in health and wellness activities.
“As we talked with our small business members about their challenges, the one thing that came up over and over again was the cost of health care,” said Beverly Robertson, president and CEO of the Greater Memphis Chamber, in a news release. “These small business owners want to offer health care for their employees, but it’s just too expensive for many of them. To be able to offer a major benefit like health care is particularly important in this remarkably tight labor market – especially for our small businesses. This gives small businesses a competitive edge that will help them deliver on their commitments to their customers.”
Small businesses interested in the program can find out more HERE.