Employer FAQ: Chamber Benefit Plan


What is the Chamber Benefit Plan? The Chamber Benefit Plan (CBP) is a self- funded trust that is established or maintained for the purpose of offering group insurance. It is governed by trustees and bylaws that satisfy the Missouri Department of Insurance requirements.


Who makes the decisions for the CBP? There is a board of trustees that oversees the plan and ensures that it complies with all applicable laws and regulations.


Why would I choose the CBP over an ACA plan? Because it’s a self-funded solution with the following advantages:  Competitive rates  Rating methodology similar to pre- ACA rating (avoiding community rating and lowering premiums)


 Predictable, fixed monthly payments  Flexibility in choice of benefit plans  Protection, as part of a larger, self- funded pool backed by Anthem


 Anthem’s broad networks: Blue Access, Blue Access Choice and Blue Preferred


How do I know if my business is eligible to participate? You need at least two eligible employees enrolled in your medical plan, but no more than 50. Your business must be domiciled in Missouri and you must be in good standing with the Missouri Chamber of Commerce or your local participating chamber that satisfies the Missouri Department of Insurance requirements.


Do I need to meet certain participation and contribution requirements? Yes. The participation requirement is 75 percent of the net eligible. The program also requires employer contribution of at least 50 percent of the employee rate, and 25percent of the total premium equivalent.


Can I join the CBP at any time during the year? Yes; however, all participating employers in CBPs renew on June 1. Depending on your effective date, you may have longer or shorter than 12 months to renewal.


How will my premium equivalent rate be determined? There are multiple factors that impact your premium equivalent rate, including:  Medical history and expected risk of your employees’ future health claims


 Age and gender of your employees  The number of employees enrolled in the benefit plan


 Where your company is located  What benefits are being offered


What components are included in my premium equivalent rate? Are there other amounts I have to pay in addition to the premium equivalent rate? Your premium equivalent rate covers expected claims, administrative expenses, taxes and assessments, and stop loss premiums. In addition, chamber membership dues and product dues are separate and are paid directly to your local chamber of commerce and the Missouri Chamber of Commerce and Industry.


WHAT OUR MEMBERS ARE SAYING … I


n reassessing my impending 30 percent premium increase for the eighth year in a row, I found that my health in- surance costs had ballooned from about $3,600/year to nearly $12,000/year for two healthy adults! I was paying the insurance company nearly triple what they were paying my doctors—it was out of control! I called MDIS and Christy introduced me to the Chamber Benefit Plan. With a quick bit of paperwork to fill out, I learned that I could save nearly 50 percent of the cost of my old plan, but pretty much keep the same plan I was used to having. It was a no-brainer to sign up for practically the same benefits at a fraction of the price! This is one of the best options for small businesses to come around in a while. — Dr. Sean Cooney, Greater St. Louis Dental Society Member & Editor


ISSUE 1 | JAN/FEB 2020 | focus 21


How will the annual renewal increase be determined? An overall renewal increase will be calculated based on a projection of the claims for the upcoming policy year for the entire plan. Each participating employer’s increase will then be calculated based on that employer’s risk profile including claims history, changes in demographics and number of enrolled employees from the group.


Can I terminate my plan at any time? During the policy period, you may only withdraw from the CBP at the end of a calendar month by giving written notice at least 60 days prior to that date. At renewal time, you must give written notice at least 30 days in advance.


I currently have an Anthem policy. Will my employees have to change their doctors? The CBP uses Anthem’s Blue Access, Blue Access Choice and Blue Preferred networks. If your employees are using Anthem network doctors, there’s a good chance they can keep them. (It’s a good idea to remind your employees to make sure a doctor is in the network before getting care or services from them. They can do this by using the Find a Doctor tool on anthem.com.)


Are dental, vision, life and disability options available? Absolutely! If you participate in the CBP, you’re eligible for discounted dental, vision, life and disability. These are fully insured plans that you would get directly from Anthem, specifically offered to CBP employers.


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