The SOCA Benefit Plan is available to small business employers that have at least two employees enrolled on their medical plan and no more than 50 total employees. The business must be domiciled in Ohio, and must be a member in good standing with a Chamber of Commerce that is qualified to offer the SOCA Benefit Plan.
These chambers include:
Get peace of mind knowing that Anthem has been serving millions of members in Ohio for more than 75 years and is:
A MEWA is a multiple employer welfare arrangement. It is an employee welfare benefit plan, trust or other arrangement that is established or maintained for the purpose of offering group insurance. It is governed by Trustees and By-Laws that satisfy the Ohio Department of Insurance (ODI) requirements.
The initial capital requirement is $500,000. This requirement has been satisfied. The ODI increased this requirement from $150,000 with the objective to protect consumers. There is quarterly adequate risk based capital monitoring by the ODI of the Plan. In addition, Anthem is providing additional reinsurance protection under a quota share arrangement on top of the specific and aggregate stop loss coverage provided.
The SOCA Benefit Plan Board of Trustees will be responsible for the oversight of the Plan and ensuring that the Plan complies with all applicable laws and regulations.
This alternative self-funded solution could be a good fit for you for many reasons including:
The SOCA Benefit Plan is available to small business employers that have at least two employees enrolled on their medical plan and no more than an average of 50 total employees. The business must be domiciled in Ohio and must be a member in good standing with a Chamber of Commerce that is qualified to offer the SOCA Benefit Plan.
These chambers include:
Yes. At least 75% of the Net Eligible Employees and a minimum of two employees must be covered under the Plan. The minimum employer contribution is at least 25% of the total cost for health benefits chosen in the event the employee has dependent benefits, and at least 50% of the total cost for health benefits in the event the employee has single benefits. If you contribute 100% of the premium equivalent, 100% of the net eligible employees must enroll.
Yes, however, all participating employers in the SOCA Benefit Plan renew on May 1 of every year.
There are multiple factors that impact your premium equivalent rate including:
Your premium equivalent rate covers expected claims, administrative expenses, taxes and assessments, and stop loss premium. In addition, chamber membership dues and product dues are required to be paid. These amounts are paid to the chamber that you are a member of and the SOCA Benefit Plan, respectively.
An overall renewal increase needed for the SOCA Benefit Plan will be calculated based on a projection of the claims for the upcoming policy year for the entire SOCA Benefit Plan. Each participating employer’s increase will then be calculated based on that employer’s specific claims history and risk profile, as well as any changes in the demographics and number of enrolled employees of the group.
During the policy period, you may only elect to withdraw from the MEWA as of the end of a calendar month by giving written notice at least 60 days prior to that date. At renewal time, you must give written notice at least 30 days in advance.
The SOCA Benefit Plan uses Anthem Blue Cross and Blue Shield’s Blue Access health care provider network – one of the largest provider networks in state. You should, however, always check to make sure doctors are in-network prior to any service using the “Find a Doctor” tool.
Yes, participating employers in the SOCA Benefit Plan are eligible for discounted ancillary plans offered by Anthem. This includes dental, vision, life and disability. These are stand-alone, fully insured plans for which the participating employer contracts directly with Anthem.