What are the Silicon Slopes Health Plans?

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

October 11, 2022/by Rebecca Yates

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.

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.

Spring Cleaning Beyond the Home

May 24, 2021/by Rebecca Yates

Spring is a time of renewal. Trees are budding, flowers are blooming and we tend to clean house with windows open, dusting off winter. One area of house cleaning you may not think to dive into is your beauty products. Keeping your products clean, and getting rid of old products, is important not only for hygienic purposes, but they can be breeding grounds for bacteria and fungi, especially makeup brushes.

Don’t share makeup.

Everyone has different body chemistry and sharing products you use can cause the spread of viruses and inflammation. For example, using someone’s lipstick can pass along the cold sore virus or using someone’s mascara can spread pink eye or other eye infections.

Clean those makeup brushes.

No need to buy a special cleaner for this, using a mild soap or shampoo is sufficient. Put a small amount in your hand and swirl the brush around, rinse well, and dry upright or flat. This is also a good time to wash out that cosmetic bag and those tweezers.

Purge products every six months if they are a liquid or a cream.

This includes liquid eyeliner and mascara, they can collect bacteria that causes eye infections. Powders tend to last a bit longer, so your sparkle powder eyeshadow has a few more months in them.Store beauty products in a cool, dry space. Humidity and heat can accelerate the growth of fungi and bacteria.

One final tip, when in doubt, throw it out. Holding on to something that may be contaminated is not worth the risk of illness or infections.

Try a Fake Commute For Your Mental Health

May 9, 2021/by Rebecca Yates

Rebecca Yates Talks Health Insurance on the Cre8tivity podcast

May 4, 2021/by Rebecca Yates

Photo courtesy of Cre8tivity

CEO Rebecca Yates recently sat down with the hosts of the Cre8tivity podcast. They talked about all things health insurance, focusing on freelancers and businesses, as well as family coverage.

Get to know Rebecca and learn how you can get the best health insurance plan to meet your needs.

Listen in here:

http://utahpodcastnetwork.com/2020/09/20/cre8tivity-107/

From Cre8tivity:

REBECCA YATES is a superhero! Running over half a dozen businesses, being a single mother of two daughters, and helping everyone she can to get health coverage, in case anything unexpected happens (Illness, COVID, Etc)!

We hope this episode is helpful to freelancers, families, & businesses!

New Dietary Guidelines for Americans

April 6, 2021/by Rebecca Yates

The foods and beverages you consume have a significant impact on your health. Diet-related chronic diseases—such as cardiovascular disease, Type 2 diabetes, obesity and some types of cancer—are prevalent among Americans and pose a major public health problem. In fact, 60% of adults have one or more diet-related chronic diseases.

Every five years, the U.S. Department of Health and Human Services and the U.S. Department of Agriculture publish nutrition advice. The newest version of the Dietary Guidelines for Americans (2020-2025) offers science-based nutrition advice to develop healthy eating habits and reduce chronic disease risk. For the first time, this edition provides recommendations by life stage, from birth through older adulthood.

2020-2025 Dietary Guidelines

The latest guidance provides four overarching guidelines that encourage healthy eating patterns while recognizing that individuals will need to make shifts in their food and beverage choices to achieve a healthy pattern.

Make every bite count and consider the following four overarching guidelines:

1. Follow a healthy dietary pattern at every life stage. Dietary needs and recommendations vary based on your age, sex and stage of life. Review the guidelines to ensure that you and your loved ones—whether they’re infants, teens, adults or older adults—are following a healthy diet.
2. Customize your foods and beverages to reflect personal preferences, cultural traditions and budgets. A healthy dietary pattern can benefit all people regardless of age, race, ethnicity or current health status.
3. Focus on meeting food group needs with nutrient-dense foods and beverages while staying within calorie limits. Keep in mind that 85% of your daily calories should meet food group recommendations for vegetables, fruits, grains, dairy and protein. Nutrient-dense foods are rich in vitamins and minerals, without too much-added sugars, saturated fats and sodium.
4. Limit foods and beverages high in added sugars, saturated fats and sodium. Be mindful of the nutritional facts of the foods and beverages you consume—including alcohol. For example, men should limit alcohol to two drinks a day and women should consume no more than one drink per day.
Everyone can benefit from a healthy eating pattern, so start simple with modest changes each day.

For healthy recipes or to learn more about the current guidelines, visit MyPlate.gov.

Benefits Breakdown

March 22, 2021/by Rebecca Yates

Understanding Prescription Drug Pricing Trends

In 2019, the United States spent nearly $370 billion on prescription drugs, keeping trend with significant increases year over year. Although prescription drug spending has historically been a small proportion of national health care costs compared to hospital and physician services, it has grown rapidly in recent years—comprising about 10% of national health care spending. Below are the two major factors contributing to the rise of prescription drug costs:

Influx of specialty drugs—Specialty medications account for a smaller portion of U.S. prescriptions than non-specialty drugs, yet they command nearly half of the pharmaceutical market. In 2021, experts predict an 11.5% increase in specialty drug prices, compared to a 2.8% rise in non-specialty drug prices. These manufacturer price increases are often cited by insurers as reasons for rising insurance premiums.
Price inflation—According to a Segal report, 40% of new products recently launched by drug manufacturers were specialty medications. These drugs are now being pushed at a higher rate than non-specialty drugs, contributing to price inflation. Specialty drug utilization increased by nearly 6% in 2020, whereas non-specialty drug usage remained relatively the same. And there is little recourse for anyone seeking an alternative to these specialty drugs.

Yet, despite these trends, there are cost-cutting strategies available to employers. These include managing drug usage, utilizing rebates, and educating employees. Reach out to learn more about these and other budgetary tactics.

3 Voluntary Benefits Trends to Watch in 2021

Voluntary benefits have always been great tools for rounding off employee benefits offerings. And that value isn’t lost on employers—at least 50% offer some sort of voluntary benefits, according to an Alera Group report. Employers can expect to see voluntary benefits grow in these three key areas in 2021:

Expanded offerings such as eldercare and critical illness insurance
A focus on financial wellness, including budget counseling and financial planning
Greater customization, allowing employees to pick and choose what’s best for them

Voluntary benefits include dental, vision, critical illness, pet insurance, and similar offerings that are paid for partially by employees. During the COVID-19 pandemic, having additional benefits options like these could be exactly what employees need. Specifically, these trends indicate employees want more control over the benefits that are important to them.

Reach out to learn how to help employees maximize their voluntary benefits.

Special Enrollment Period (SEP)

December 29, 2020/by Rebecca Yates

If you missed the Open Enrollment period and have had a “life” event, read on.

Did you know that certain life changes may qualify you to enroll in health insurance coverage outside of the standard enrollment period?

Did you or anyone in your household lose qualifying health coverage in the last 60 days? If so, you would qualify for the special enrollment period.

Here are some other examples of qualifying events:

Marriage
Birth of a child
Gained or became a dependent
Divorce or legal separation resulting in loss of health insurance
Death
Change in income
Change in zip code/primary place of living
Denied Medicaid or CHIP
Gained citizenship in the United States
Released from incarceration

If any of these apply to you or your family, please give us a call for a quote today!

Open Enrollment Begins November 1–Five Factors to Consider.

October 21, 2020/by Rebecca Yates

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.

CDC Decision Tree For Re-Opening Your Business

June 4, 2020/by Rebecca Yates

Courtesy of the CDC

Reflections on Ark Insurance 10 Year Anniversary

April 10, 2020/by Rebecca Yates

I quit my job in the fall of 2009. The next week my daughter and I contracted H1N1. I spent the first actual week of ‘self-employment’ (it was unemployment at that point, let’s be honest!) in quarantine for a pandemic in the middle of the worst recession our country had ever seen. Sound familiar?

I had been working for a large brokerage firm. The company that had pulled me into the insurance industry had sold and lost much of its heart in the transaction. Suddenly I was being told only to help clients that could justify the cost. I knew that if I was going to stay in this industry, an industry that I had grown to love (and be pretty nerdy about), I had to leave. For me, it was never about the dollars, it was always about taking care of my people. As a single parent, the idea of leaving a stable job with a steady paycheck was terrifying, but I had become miserable in the year that the new company had taken over and had to go.

Then the most amazing thing happened. My clients, in a show of loyalty that still brings me to tears, stuck with me. They encouraged me. They fought with me and listened to me cry. They pushed me to make sure I read and understood all the new laws going into place at the time (Obamacare or Affordable Care Act). They helped me stand strong and grow. By the time I was ready to file my corporate documents on April 10, 2010, I had enough revenue to sustain myself and my daughter, and even more, amazing, Ark was already growing.

Soon I realized that I couldn’t do this alone, and in one of the scarier steps in my life, I decided to make my first hire. In February 2011, I posted on Facebook that I needed some help. I believe he posts included something to the effect of I need an intern. Or a college kid who is willing to work on the cheap. Even if it’s only a few hours a week! I’m in desperate need but can’t pay much.Enter one of my former clients. She messaged me and asked why I hadn’t reached out to her. My honest answer was, “I know how much you make, and I can’t afford you.” We still laugh about this. She let me know that the ability to work from home was more important to her than the money and agreed to work with me until we found a budget that fit for us both.

I knew I had gotten lucky but had NO idea HOW lucky I had gotten in that hire. When we lost our biggest client due to an acquisition, BOTH of us cut our pay to make it through. She was unafraid to tell me the truth, willing to suffer with me, and give all she had to make sure our clients, and I, were supported. I can honestly say this company would never have survived if MaryAnn hadn’t joined it when she did. Fast forward after a few expensive learning moments, times when the cash got so tight I was surfing for change in the couch to make payroll, and growing our team to 10+ folks and here we are today. We have won international awards, been given genuinely amazing opportunities to participate in conversations at a federal level that deeply impacted the lives of Americans, and have done it all growing closer as a work family.

We have a team of amazing humans. Our entire company culture has been built on the same principles that brought MaryAnn into the fold: Always do what’s right for the client first, and be supportive and flexible with our team. All of us work different hours and in different locations according to what we need in our lives. Because in the end, our business is here to support and make lives better, both ours and those of our clients.

We’ve built lasting relationships with our clients, and they have given us the most amazing gifts in the form of referrals. We’ve never done extensive marketing. We’ve never had to push or buy leads. We’ve never even been in a place where we were worried about an empty pipeline. We’ve seen massive changes in our industry. We’ve had massive cuts in pay, changes in how we are regulated, shifts in every aspect of how we do business, and through it all our clients have stood by us and helped us grow. Our clients have become our friends. An extension of our work family that we care for like we would make our favorite aunt. We fight for them, cry with them, and celebrate when they have a new baby or get a new job. Serving our clients is an honor, and we are all so grateful that they allow us to be a part of their journeys.

We were supposed to be having a party for the Ark team. We were going to have lunch and then go axe throwing. With social distancing, we have had to postpone our celebration. But the opportunity look back and see where we have come since the last pandemic and economic crisis is one that shouldn’t be passed up. Things feel scary and uncertain. They did before too. What it tells me is while the moment feels bleak, the people are showing up for each other, just like they did in the recession.That even though we are all afraid, we are pushing through, and when we work together, we will come out together, better than before. I’m looking forward to seeing where the next 10 years will take us!

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