State offers new guide on health insurance for small employers
The state Office of the Commissioner of Insurance (OCI) has published a new guide entitled Health Insurance for Small Employers and Their Employees.
Containing background information on small employer health insurance law, definitions of insurance language, worksheets and checklists, the guide is designed to help small employers make sense of their insurance options.
"We know that health insurance is a major recruiting and retention concern, as well as a major expense for small employers," said Jorge Gomez, Insurance Office commissioner. "What we want people to know is that there is a resource available for small employers when they are shopping for health insurance for their employees, and this guide is a good place to start because it puts a lot of information in one place."
In addition to background information, the guide also lists monthly new-business premium rate information for more than 40 licensed insurers who write small employer health products.
Rate information allows employers to approximate their costs by picking from one of three hypothetical groups that most closely match the composition of their employees. Within those groups, employers can then evaluate each policy’s coverage in 10 different geographic areas of Wisconsin.
"Currently, in order to get an idea on the cost for health insurance for your business, you would need to contact one or more health insurance agents or contact a number of insurers individually to get rate information, but now you can get a cost estimate by looking through rate tables in this guide," Gomez said. "Employers can also compare coverage between policies by using one of the guide’s worksheets."
Wisconsin law requires insurers who provide health coverage to small employers to annually publish their premium rates. The prices listed in the guide do not constitute a price quote, and are printed for the sole purpose of helping employers comparison shop, Gomez noted. Information is subject to change, and for actual rate information employers need to talk to the insurance company directly or through an agent.
"The guide helps employers get started by providing the name, address and telephone number for each insurer listed," said Gomez.
For purposes of the guide, a small employer is defined as one that employs at least two but no more than 50 employees in Wisconsin; 85% of all businesses have fewer than 50 employees.
Employers may obtain a copy of the Health Insurance For Small Employers and Their Employees guide on OCI’s Web site at http://oci.wi.gov/pub_list/pi-206.htm, order it by e-mailing publications@oci.state.wi.us, by calling 1-800-236-8517, or by writing P.O. Box 7873, Madison, WI 53707-7873.
July 11, 2003 Small Business Times, Milwaukee
