Tag Archive for: Affordable Care Act

What are the Silicon Slopes Health Plans?

What are Silicon Slopes Health Plans and What Do They Mean For Your Utah Business?

They could mean great rates on group health insurance, and if the medical loss ratio is low for your company, you might actually get a rebate check from your plan administrator.
What are the Silicon Slopes Health Plans?

If you own a small business, you understand the challenge of finding affordable, quality health insurance coverage for your employees. The Kaiser Family Foundation estimates that businesses with five employees could pay $100,000 in the first year for coverage — not including copays and coinsurance.

Last week, Silicon Slopes, a 501(c)(3) nonprofit organization empowering Utah’s startup and tech community, introduced Silicon Slopes Health Plans. Developed in partnership with University of Utah Health and EMI Health Plans, these plans are partially self-funded, and look to move beyond the transactional approach, where it’s all about paying premiums and claims, to put more focus on the ultimate goal of keeping employees healthy.

So how exactly do these plans work, and how can you know if they’re right for your company?

First, let’s look at a typical “fully insured” health plan. This is the model we’re all familiar with where the employer pays a fixed monthly premium to the health insurance carrier, and in return, the carrier pays all eligible member claims. If the premium collected is greater than the amount of the claims, the carrier gets to keep the excess as profit.

With a partially self-funded health plan, the employer contracts for the assistance of a health insurance carrier or third-party administrator (TPA) to administer all aspects of the health plan. The employer funds the claims payments. Something called “stop loss” insurance pays any catastrophic claims for conditions such as cancer or premature birth. While claims will vary from month to month, the employer reaps the rewards when few claims need to be paid. Any surplus funds can be reserved for future claims.

There are several attractive features of a partially self-funded plan (like the Silicon Slopes plans), including a statistical likelihood that it will cost less.

Other benefits of a Silicon Slopes Health Plan include:

  • As the employer, you can choose whether providers are in IHC network or non-IHC network
  • The plans are administered by University of Utah Health or EMI Health
  • These are “medically-underwritten” plans which means if your staff is very healthy, your company can actually see the benefits through lower rates
  • You’ll be pooled with other like-minded employers
  • You need not be a tech company or a start-up to benefit from this plan
  • You can qualify to participate with as few as two (2) full-time (W2) employees
  • You can sign up your company to participate at any time, with the starting date at the first of the next month

There are some important considerations to take into account when looking at these plans. Ark Insurance Solutions can help. Reach to us today for a no-cost consultation to determine if a Silicon Slopes Health Plan is right for your business.

Navigating the complex world of health insurance can be daunting. The Ark Insurance Solutions team has the skill and experience to guide you. We’ll help you compare health plans to make the best decision based on your unique circumstances and budget. Give us a call at 801-901-7800 or click here to schedule an appointment with us.
Single Mom's Guide to Health Insurance

Open Enrollment Begins November 1–Five Factors to Consider.

Health Insurance


Did you know there are five factors that can affect how much your health plan’s monthly premium is under the health care law?

However, individual states can limit how much these factors come into play.

These five factors are:

  • Age: Premiums can be up to 3 times higher for older people than for younger people.
  • Location: Where you live has a big effect on your premiums. Differences in competition, state and local rules and cost of living are the reasons why.
  • Tobacco use: Insurers can charge tobacco users up to 50% more than those who don’t use tobacco.
  • Individual vs. family enrollment: Insurers can charge more for a plan that also covers a spouse and/or dependents.
  • Plan category: Bronze, Silver, Gold, Platinum, and Catastrophic. The categories are based on how you and the plan share costs. Bronze plans usually have lower monthly premiums and higher out-of-pocket costs when you get care. Platinum plans usually have the highest premiums and lowest out-of-pocket costs.

In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when otherwise known as pre-existing conditions.


Take a look at your providers

Tip #2 from “The Single Mom’s Guide to Health Insurance” – Take a look at your providers

Take a look at your providers
Do you always go to the same pediatrician? Is your nearest hospital your favorite? Make a list of all the providers you have seen over the last year, and add in any others that you plan to see in the next year. Either you, or your agent, will want to run this list through any potential insurance carriers to make sure you can still access your favorite providers.

To get the entire guide for free, click here.


If you need any help getting health insurance or if you have any questions, please reach out to us at 801-901-7800.

You may qualify for health insurance assistance

Below is the table that the federal government uses to determine health insurance assistance.

If your income falls between 135% and 400% of the federal poverty level for your family size you may qualify for assistance with your premiums.

Small business owners are voicing their opinions on the President’s ideas to repeal and replace the Affordable Care Act.

When 1,000 small business owners were recently survived, 53.1 percent are against the health care bill passed by the House, while only 13 percent support it.

An impartial position of 34 percent was reported while a large majority of 60.4 percent do not think the bill would have a negative effect on their small business. Almost all agreed at 92.5 percent that insurance companies should provide coverage to people with pre-existing conditions.

At 72 percent, most small business owners agreed that expanding access to health care is most important over reducing taxes and decreasing the federal debt.


Sources: BenefitsPro.com, Fit Small Business