HealthSource RI, Rhode Island’s state-based health benefits exchange, marked a milestone by enrolling its 500th small business in the Small Business Health Options Program (SHOP). There are now 503 businesses enrolled as of today, representing over 2,000 employees and 1,500 family members for a total of more than 3,500 enrolled in coverage.
Small businesses enrolled in SHOP have access to a total of 20 different health insurance plan options from three insurance carriers–Blue Cross & Blue Shield of Rhode Island, Neighborhood Health Plan of Rhode Island and UnitedHealthcare. SHOP also offers an innovative ‘full employee choice’ option that allows employers to determine a contribution level (also called “defined contribution”). Employees can then choose from any of the 20 plans offered and opt for the level of coverage that works best for them and their families.
Sam Iserson, president of NC3 in Pawtucket, says the full choice model is one of the reasons he joined SHOP. “Using HealthSource RI gives our employees options that they never had before. It provides them the opportunity to be better educated consumers and really understand the cost and benefit of their healthcare.”
Behind strong 2015 enrollment numbers, including an 89% renewal rate and a 57% growth rate, Rhode Island continues to be a leader of state-based exchanges in enrolling small businesses.
“Growth is strong and we look forward to serving even more small businesses by making it easier to understand and purchase insurance and by providing better choices,” said Director Anya Rader Wallack. “Employers and their brokers like our innovative full choice model, the outstanding customer service provided by our business engagement specialists, and the predictability of rates published up to a year in advance. These features don’t exist elsewhere.”
Two years ago, when the federal government and some staterun exchanges decided to delay their small business programs, HealthSource RI remained committed to SHOP. Rhode Island’s small business program opened on schedule in October 2013. HealthSource RI Enrolls 500th Small Business Noted Wallack, “One of the key tenets of HealthSource RI’s mission is to provide value to small businesses, and we are very proud to be helping so many Rhode Island employers and employees purchase healthcare in a way that meets their needs.”
Small employers who are interested in joining SHOP can contact HealthSource RI’s small business team at 1.855.683.6757 or visit the small business section of HealthSourceRI.com.