OK. I’ll say it. Tech industry people are badass, especially when it comes to staying fit and getting away from our screens. Summer’s coming and it’s time to make plans to get out, stay fit, and have some fun! Finding…
To all our Weekend Warriors out there! This post is for you. Let’s admit it. Working in the tech industry means lots of time sitting (or standing) at a desk, staring at a screen, and doing your best not to…
I get this question a lot. My answer? Disability insurance. Surprised? Tech employers and their employees consistently rank medical insurance as the most desired benefit, but let’s face it, it’s expensive. Medical insurance typically represents 65-75% of the total benefits…
Hello! I’m Mike Monroe, and I’m the Executive Director for the WTIA Employee Benefits Trust. I’ve recently assumed this new position, which means that my role is now 100% dedicated to the topic of employee benefits. The thought of this…
We launched a new partnership with Premera to start building a new set of health insurance plans designed specifically for the needs of the tech industry, a move away from a one-size-fits-all solution offered by other industry and professional associations. These plans incorporate technologies such as Teladoc and other mobile apps that tech workers want.
This is the first part in a two-part Q & A series with professionals who specialize in using technology to manage wellness. Here, WTIA interviews Michael Cochran, the Director of Wellness at Regence. How do you incorporate managed wellness programs…
Health Insurance and the Mid-Market
Mid-market company size is somewhat of an amorphous term, usually defined by revenue or employee size. Although there is no hard and fast rule, mid-market companies generally are between $25m-$250m in annual revenues and between 50–500 employees.
In terms of Health Insurance, 50 employees is somewhat of a magic number as it is the point when insurance carriers look at the company-specific claim history and have less regulatory pricing and disclosure restrictions to deal with. Companies with less than 50 employees are typically put in a “community pool” and have less control over rate increases.
WTIA Health Trust and the Mid -Market
The WTIA Health Trust is a bona fide association health plan (AHP) that gives small companies (<50 employees) some of the same pricing benefits as large companies. The WTIA Health Trust has 13 plan options that range from very rich to basic. All 13 plan options are considered “fully insured” plan types. The WTIA Health Trust is extremely valuable to our small company members, literally saving them thousands of dollars per year while enabling them to be more competitive from a recruitment standpoint.
Unfortunately, the WTIA Health Trust is not the ideal solution for “mid-market” companies, especially as company headcount approaches more than 100 employees.