In a major win for small businesses across the state, legislation to broaden the type of organization that is eligible to offer a health insurance product to its members passed in November. Once live, this will create the opportunity to offer health insurance to small businesses with 2 to 50 employees, a substantial market that suffers from incredibly high health insurance costs. This product will fill a need in the small business health insurance market and give business owners the opportunity to grow their business while providing high-quality benefits to their employees.
The legislation contains a change to the current Multiple Employer Welfare Arrangement statute to broaden the type of organization that is eligible to offer a health insurance product to its members to a statewide chamber of commerce or statewide business league in addition to the current vertical trade, professional, and industry associations that can offer a health insurance product today.
The legislation includes several guardrails to ensure legitimacy, solvency, and robust coverage and the product will be licensed and regulated by the Department of Insurance.
Once live, this will create the opportunity to offer health insurance to small businesses with 2 to 50 employees, a substantial market that suffers from incredibly high health insurance costs. This product will fill a need in the small business health insurance market and give business owners the opportunity to grow their business while providing high-quality benefits to their employees.
