Let’s get down to it. The plan is called ‘MEWA’, or the ‘Multiple Employer Welfare Arrangement’. If you have a small business in Missouri with 2-50 employees, this plan is highly competitive (with a few exceptions which I will cover below). The rates are the lowest I have seen in this business for a long time. The plan usually has 30-40% lower costs than almost everything else in the Marketplace. If none of the exceptions below apply to your business, I would Highly Recommend that you consider the MEWA Health Insurance Plan.
Here are the exceptions:
- MEWA is offered through your local Chamber of Commerce, which all have pooled together for a Missouri-wide Small Business insurance pool. You must be a member or become a member of your local Chamber of Commerce to get the MEWA plan. (I would recommend joining your local Chamber of Commerce regardless of MEWA, but that’s just my opinion)
- MEWA is more sensitive to the health risks in your business. This means if some of your employees already have some Health Issues, or are in a higher risk population (Older, have Diabetes, etc.), the plan’s price advantage will shrink.
- MEWA’s rates are usually still better, even with a High-Risk Employee pool.
- Even if you have some Employees with health issues, the plan is flexible. The plan will often still be the best choice for your Business.
- This advice is current as of the publishing of this article – it may no longer be accurate if you are reading this a year or three down the road.
I would highly encourage you as a Small Business owner to investigate this plan right now. Still, this plan is no silver bullet. The Health Insurance world is constantly changing and plans that were once fantastic become average. I also want to state that I am not compensated by MEWA or anyone else for endorsing this plan. If you are considering Health Insurance for your Small Business, I would also recommend that you consider a Health Insurance Advisor (even if it’s not me!). You can find out why in another article linked here.