SOCA Benefit Plan
The Southern Ohio Chamber Alliance has joined forces with the Northern Ohio Area Chambers of Commerce, the Central Ohio Chambers of Commerce (which includes the Ashland and Wooster Area Chambers), the Dayton Area Chamber of Commerce, and the Youngstown/Warren Regional Chamber to form a self-funded medical benefit plan aimed at small employers with 2-50 employees.
SOCA recently received authorization from the Ohio Department of Insurance to form the Southern Ohio Chamber Alliance Benefit Plan.
The SOCA Benefit Plan is a multiple employer welfare arrangement. Anthem Blue Cross Blue Shield provides claims administration and stop loss protection. Participating employers are required to maintain membership with a Chamber of Commerce that is authorized to offer the Plan. Initially, distribution of the plan is limited to Anthem Champion and Elite brokers who have completed specified training. The Plan is governed by a Board of Trustees elected by participating employers.
The authorization from the ODI comes after nearly three years of vetting the idea and planning among various partners.
This new self-funded medical Plan allows smaller employers to join together to share in the overall claims risk. By being a part of a larger pool, employers have the benefit of financial protection backed by Anthem's stop loss coverage and experience fixed monthly costs but potentially lower monthly premiums due to medical underwriting. Employees experience a health plan that utilizes Anthem's large Blue Access PPO network and provides additional wellness services. Contact us today to see if the Anthem SOCA Benefit Plan may be a good fit for you and your employees.
Take a look at Anthem's product brochure for employers for more information