What rate stability actually means with the Chamber’s group insurance plan

When we talk about the Chambers of Commerce Group Insurance Plan, we always mention rate stability. But the hard facts of this became clear recently upon visiting a member who had chosen a competing firm a year or so ago when they added health insurance to their employee benefits. Why did Chamber plan not win the business in the first place? It’s the number one plan for small business in the country serving about 25,000 business customers. And it’s a plan that is always trying to improve its offer, in the past few years adding a “Best Doctors’ benefit, an option for retirees and making itself much more accessible for one or two-person firms. It’s also customizable so you get the biggest bang for your dollar.

In this case, it was simply a price decision. The competitor offered a cheaper premium at the time. But when renewal time came around, our member’s increase was nearly three times what it would have been with the Chamber plan. Ouch. Over the last five years, years, the average Chamber Plan premium renewal rate has been 3.8 per cent and over the last decade, only 4.4 per cent. How does your plan compare to that?

In a pooled plan like the Chamber’s, premiums are based on the average claims across all participants. When the claims are bundled together with thousands of similar firms in a pool, premiums stay manageable and predictable. In addition, Chamber insurance is a not-for-profit entity, run by Chamber people for Chamber people.

We all know that having a health care plan can be an important benefit for your employees.

All we ask is that you include Chamber plan in the companies you consider. We think you’ll be pleasantly surprised.