Navigating Small Business Health Insurance in Idaho

As a small business owner in Idaho providing quality affordable health insurance for your employees can be challenging. Idaho’s small group health insurance market has high costs and limited plan options compared to other states. However, some Idaho insurers like Blue Cross of Idaho offer policies tailored for small business budgets. In this article, we’ll look at the Idaho small group health insurance landscape and how to find the right plan for your business.

The Challenges of Idaho’s Small Group Market

Idaho’s small group health insurance market refers to policies sold to businesses with 1-50 employees. This market faces unique challenges compared to neighboring states:

• Fewer plan options Only two insurers, Blue Cross of Idaho and PacificSource Health Plans, offer small group plans in the state. This lack of competition limits plan choices

• High and rising premiums: Idaho small group premiums are among the highest in the region. Average monthly premiums for Idaho businesses with 50 or fewer employees reached $541 in 2020.

• Limited subsidies: Unlike the individual health insurance market, small business employees in Idaho don’t qualify for federal tax credits and subsidies that reduce monthly costs.

• State regulation: Conservative state legislature limits reforms that could improve the small group market. For example, Idaho hasn’t expanded Medicaid under the ACA.

These challenges make it difficult for Idaho small businesses to find affordable, robust health insurance for their workforce. However, some options exist if you’re willing to hunt for value.

Blue Cross of Idaho Tailors Plans for Small Business

Of the two insurers offering small group plans in Idaho, Blue Cross of Idaho provides the most choice. Blue Cross offers nearly a dozen PPO and HMO plans for small employers.

Some plan highlights include:

• Lower premiums: Blue Cross small group average monthly premium is $486 vs. $632 for PacificSource.

• Range of plan designs: Blue Cross offers plans with higher and lower deductibles to fit different budgets. Some have copays for office visits to reduce out-of-pocket costs.

• Pharmacy benefits: Many plans include prescription drug coverage with copays for common medications like generics.

• Dental and vision: Businesses can add adult dental and vision plans to their package.

• Online administration: Easy-to-use online tools help manage your group plan, enroll employees and pay premiums.

Blue Cross also offers HSA-qualified high deductible health plans that pair with health savings accounts. This option helps reduce premiums by having employees pay more care costs directly before the deductible is met.

Overall, Blue Cross of Idaho provides more choices appropriate for small business budgets. Their plans aren’t the cheapest but provide strong coverage options not available from other Idaho carriers.

How to Save on Your Small Business Health Insurance

While costs are high, some tactics can help reduce your Idaho small group premiums:

• Choose a higher deductible plan: Plans with deductibles of $2,000 – $5,000 reduce premiums but increase out-of-pocket costs when employees need care.

• Shift premium split: Adjusting the employer vs employee premium split (e.g. 60/40) changes costs for your business.

• Exclude spouses: Don’t cover employee spouses who have access to other employer coverage.

• Embrace HSAs: Combining health savings account eligible plans with employer HSA contributions cuts premiums.

• Enroll all full time staff: Maximizing participation helps spread the risk and may lower your per-member premium.

• Get quotes annually: Shop rates yearly before renewal since insurers adjust pricing. Competitor quotes can provide leverage.

• Work with brokers: Local brokers will shop multiple insurers and help you make cost-saving plan adjustments year-to-year.

Additional Health Benefit Options

To provide robust coverage, some Idaho small businesses layer additional benefits in with group health insurance:

• Dental insurance through carriers like Delta Dental to cover routine preventive care and share of costs for fillings, crowns and other services.

• Vision insurance helps cover annual eye exams, lenses, frames and contacts. Blue Cross includes this option.

• Telemedicine through apps like Doctor on Demand provides 24/7 virtual urgent care and primary care visits.

• Health advocacy services like Healthcare Allies negotiate costs and provide expert second opinions for major treatments.

These supplemental options enhance health coverage for employees without adding too much to premium costs for your Idaho small business.

Partnering with the Right Insurance Broker

Finding the right insurance broker to help manage your small group health plan is key. Local brokers will compare all options in your area, walk you through the pros and cons, and monitor your renewal pricing.

When choosing an Idaho insurance broker, look for:

• Established reputation with small business clients

• Access to multiple insurance companies

• Responsiveness and availability year-round

• Proactive renewal management and cost containment

• HR compliance expertise

• Digital enrollment and administration capabilities

Take time to interview brokers to find one that meshes with your company’s culture and needs. They will become your long-term partner in navigating Idaho’s challenging but manageable small group insurance options.

While costs are higher than other states, there are ways Idaho small businesses can provide quality health insurance to attract and retain top talent. Partnering with the right broker and insurer like Blue Cross of Idaho provides access to plans with robust coverage tailored for small budgets. Do your homework and use all available cost levers to invest in your employees’ health.