A few weeks ago, I asked Katrina to walk me through what is happening with group health insurance in Montana. But I gave her one instruction before she started: Don’t explain it to me like I work in insurance. Explain it to me like I’m a business owner.
That turned out to be a mistake.
Because about ten minutes later, I was overwhelmed.
Not because Katrina wasn't explaining it well. Quite the opposite. The more I understood, the more I realized how significant the changes coming this fall could be for business owners. PacificSource is exiting the group health insurance market in Montana. Traditional fully insured options are seeing significant rate increases. There are level-funded plans, trusts and newer alternatives entering the market. Some may save an employer money. Some come with narrower networks. Prescription coverage can be different. Some introduce additional risk. Others transfer that risk somewhere else. And the decision that looks best when you stare at the monthly premium can look very different when an employee actually needs to use the insurance.
I remember sitting there thinking, how in the world is the average business owner supposed to figure all of this out?
I work in insurance. I was surrounded by people who work in insurance. And I was still asking question after question.
That's when the conversation stopped being about insurance for me.
Because I run business, too. I know what it's like to look at the numbers and recognize that every expense matters. Payroll matters. Rent matters. Insurance matters. The bottom line matters. You can't continually spend money you don't have simply because you'd like to. But I also know the names of the people on our health insurance plan. I see them every day. I know their spouses. I know some of their kids. They're not numbers on a spreadsheet.
And that's what makes this decision so difficult.
You have a business to protect and people you want to take care of.
Those two things don't always lead you to the same answer.
As Katrina walked us through the options, someone asked what I think might have been the most important question of the entire meeting: What's the right choice?
Her answer wasn't a carrier. It wasn't a product. It wasn't the cheapest plan.
It was basically: It depends.
What matters most to you? What's your budget? What do your employees need? What level of risk are you comfortable taking? What are you willing to trade for a lower premium, and what aren't you willing to give up?
That's when it clicked for me.
The solution isn't finding the cheapest health insurance.
It's finding the right balance for your business.
And that's going to look different for different employers.
Maybe staying with a traditional fully insured plan makes sense for you. Maybe one of the alternative options deserves a serious look. Maybe you're willing to accept a different network in exchange for meaningful savings. Maybe the doctors or prescriptions your employees rely on make that a terrible trade.
There isn't one answer.
But there are options.
And this fall, I think one of the biggest mistakes a business owner can make is waiting until a renewal notice lands on their desk and then deciding based on price alone.
That's also why I'm incredibly grateful we have Katrina and our Employee Benefits team.
They aren't starting these conversations by pushing a particular carrier or product. They're starting by listening. They want to understand the business, the employees, the budget and the owner's tolerance for risk. They're constantly talking with carriers, studying what's changing and asking questions because, right now, this market is moving incredibly quickly.
That's what I would want if I didn't work here.
Actually, it's what I want because I work here.
I don't want somebody to sell me health insurance.
I want somebody sitting on my side of the table who understands it better than I do.
Someone who can say, "Here's the cost. Here's what you gain. Here's what you give up. Here's where the risk is. Now let's decide what makes sense for your business and your people."
That's the kind of advice business owners are going to need this fall.
So, here's my advice for Montana business owners:
Don't wait.
Don't assume your current plan will simply roll into next year.
Don't assume the most expensive option is the best.
And definitely don't assume the cheapest option is the best.
Start asking questions now.
If you provide health insurance to your employees, or you've wondered whether you could afford to start, schedule an appointment with our Employee Benefits team now. how us what you have now. Send over your renewal if you’ve received it. Ask every question you have, especially about the stuff that doesn’t make sense. You don’t have to have it figured out. That’s our job.
We'll listen.
We'll show you the options.
And we'll help you find the right balance between taking care of your business and taking care of the people who help make it successful.
Big changes are coming. You have options. Let's figure them out together.
Schedule your employee benefits review with Glidewell today.
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