Small businesses in Utah now have the ability to offer expanded health coverage choices to their employees while controlling their own health benefit costs.
The Utah Health Exchange, whice had been operating as a pilot program for the past year, is now open for all Utah employer groups with two to fifty individuals.
Employees of participating businesses can use the Exchange to "shop" for health insurance plans that are tailored to their individual needs. Rather than having one or two options that are pre-selected by their employer, employees can choose from over sixty plans from four of Utah's largest insurance carriers: Humana, Regence, Select Health, and United Healthcare.
For employers, the Exchange offers access to Utah's new defined contribution insurance market. With defined contribution, employers simply decided how much to contribute to their employees' health premium. That defined contribution is then automatically included in the premium calculations as employees shop for plans in the Exchange.
Defined contribution allows businesses to predict and contain benefits costs from year-to-year. Health plans purchased via the Exchange are also portable between qualified, registered employers, and all plans in the Exchange allow both employers and employees to retain the pre-tax advantages of traditional small group insurance.
For more information on the Exchange, as well as instructions on how businesses can begin the enrollment process, please visit www.exchange.utah.gov or contact us today!
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