Chamber adds insurance for members

Oct. 19--VALDOSTA -- The Valdosta-Lowndes County Chamber of Commerce officially launched its new insurance program, Chamber Spectrum, this week.

Chamber Spectrum is a group insurance plan for chamber members through Taylor Insurance. The plan aims to lower insurance costs for small businesses by 20 percent.

The chamber is partnering with Taylor Insurance as a way to solve the long-standing problem for employers of giving employees affordable and quality health insurance, Chamber President Myrna Ballard said.

The launch hosted a dozen interested chamber members, a presentation by Trey Taylor, CEO of Taylor Insurance, and several representatives from Taylor Insurance for chamber members to meet.

While the plan aims to lower immediate costs for businesses, it is looking to lower the costs for employees as well.

"Last year ... the average worker in the state of Georgia received a 1.3 percent pay raise," Taylor said. "Unfortunately, the premiums went up, the deductibles went up, the co-pay went up and the maximum out of pocket ... went up as well. What happened to the raise? It all went back to the health insurance carrier."

Lower costs for businesses also means businesses have more money to invest in growth and expansion.

Job growth is a driving factor in the local economy but the rising cost of health care is preventing employers from hiring new employees, Taylor said.

"Health insurance affordability is (one of ) the top ... barriers for employers when looking to hire new employees," he said.

For proof of concept, Taylor Insurance has more than a dozen clients actively working through the underwriting process, Taylor said. The companies are looking at a savings of $1,500 -- $1,600 per employee. Though, there was an outlier that is looking to save about $450,000 a year through the plan.

"They can't believe it," Taylor said. "And neither can we, so we have to make sure we can deliver on it."

After Taylor's presentation, several chamber members asked questions about the plan including how the plan would cover businesses with hourly employees and companies with higher turnover rates.

"In our area of the country, it's not a nine-to-five economy," Taylor said in response to the questions. "And so, we need a plan that is flexible to address those needs of people in more temporary situations ... and also hourly, high turnover situation as well."

While the plan is for chamber members only, the chamber website has a cost calculator that allows employers to calculate what the plan would cost against current plans.

For chamber members interested in the plan, contact the chamber to set up a consultation.

For more information about Chamber Spectrum, how to get a consultation or the cost calculator, visit http://www.valdostachamber.com/chamber-spectrum-benefits.html.

Jason Smith is a reporter at The Valdosta Daily Times. He can be contacted at 229-244-3400 ext.1256.

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