Most people are familiar with the concept of renting or owning a home. But did you know that you can “rent” or “own” your employee benefit plan?
With most insurance companies, you’re renting. You pay a certain amount in premiums per month, and at the end of the year if you paid more in premiums than you spent in benefits, surpluses remain with the insurance company. With the Chambers of Commerce Group Insurance Plan®, you own your benefits. Any surpluses in the Plan at the end of the year go back into the Plan, helping keep your rates down, and your money working for you.
Chambers Plan is run on a not-for-profit basis and premiums are set to cover the cost of the Plan’s benefits and the administration. In addition to putting any surpluses back into the Plan, Chambers Plan is entirely customized so you only pay for benefits you need. You can choose from a wide variety of benefit options. If the benefits you chose are no longer the best option for your company, you can adjust them to reflect your current needs.
Chambers Plan is a pooled plan and premiums are based on the average of claims across all participants. When your claims are bundled together with thousands of similar firms, costs stay stable and predictable. With the ability to customize your benefit program, together with the fact surpluses are put back into Chambers Plan, you truly do “own” your coverage.