Wyoming Chambers Health Benefit Plan
The Wyoming Chambers Health Benefit Plan was founded in 2007. Beginning with two participating chambers (Sheridan County and Campbell County), the plan initially included 28 employers and 184 enrolled employees and their families. Currently, the plan covers 11 chambers in Wyoming, 52 employers, and 355 employees. Since inception, membership grew substantially, retracted due to the economy and the 2011 rate change, and is now growing again. (In Sheridan County, the plan covers 19 employers and 118 employees and their families.)
The Health Benefit Plan offers employees a choice among seven different medical and two dental benefit choices. All of the options are being used, with almost half of the employees having selected medical option 2 – $1,000/year deductible and $1,800/year out-of-pocket limit (including the deductible) per individual.
The plan is self-insured, paying its own claims up to a stop-loss limit beyond which “excess insurance” comes into play. At the end of 2012, the plan had accumulated $1,201,273 in reserves (or an average of $3,384 per covered employee) – the cushion available to cover claim fluctuations as premium revenue and claim payments occur throughout the year.
Summary of the Enrollment Requirements
* The employer must be a current member in good standing of at least one of the participating Chambers of Commerce, for at least 60 days prior to applying.
* The employer must have a minimum of 75% of eligible employees participating, for groups of five or more; 100% participation for groups of four or less. Minimum group size is two employees.
* Completed Employee Enrollment/Waiver Applications are required from each employee in order to qualify. The entire employer group will either be accepted or denied coverage.
* The employer must contribute a minimum of 50% of the premium for employee-only coverage for one of the benefit options, or an equivalent dollar amount if the employee chooses one of the other benefit options (a “defined contribution” approach for the employer).
For more information on plan participation, click here for an overview booklet about the plan (or call the Chamber at (307) 672-2485 to have one mailed to you) or contact our local plan representative, Laurie Ross at (307) 674-6973, for more specifics.