Pub. 8 2020 Issue 2

7 The Community Banker Deductibles have also seen an increase of 36%over the last five years and 100%over the last 10 years. A large reason for this increase is due to the offering of HDHP (HighDeductible Health Plans) and employees preferring the high deductible options with lower premiums rather than the tradition- al options with copays that often comewith lower deductibles. Some 75% of firms that offer health benefits offer only one type of health plan option, somany employers have decided to opt for the HDHP plan only. There are several cost management measures that community banks in Montana have used successfully. 1. The No. 1 most used measure is to offer resources to help employees become better consumers of their health care. Encourage team members to use their preventive benefits and those with chronic conditions to work with their doctors regularly on condition and medication management. 2. Employer or carrier provided wellness initiatives , including risk assessments, have proven effective in cost management. 3. Cost-sharing : In order to be eligible for a tax credit, busi- nesses must pay at least 50% of the employee only medical premium. Although 50% is the minimum, many employers choose to contribute more. In fact, according to the 2019 benchmarking report by Kaiser, the average total annual premium for single employee coverage is $7,188, and of that amount, $5,946 was paid by the employer and $1,242 was paid by the employee, which is an 83%/7% breakdown. 4. Employee communication on the benefits offered and access to care has proven successful also in cost management. 5. Use your employer resources and evaluate your program of- ten: your employee benefits representative can help you take a deep dive into what options are available in Montana and what is the best fit for your group. Options change regularly, and more are coming to Montana every year. I invite you to reach out to me for any of your benefits questions or assistance in considering your options. I look forward to meeting you and crossing paths in the future. Warm regards, Kindra Warman Employee Benefits Consultant, Leavitt Great West Insurance, 1419 North 14th Ave Unit B, Bozeman MT 59715 Phone: 406.586.8043, Direct: 406.551.4167, Cell: 406.581.8343, kindra-warman@leavitt.com A note about Kindra Warman at the Leavitt Group Kindra Warman is a licensed employee benefits consultant out of Boz- eman, Montana, with Leavitt Great West Insurance. She has 10+ years of experience in employee benefits in the banking industry and specializes in working with community banks here in the state to find and design cost-effective group benefits programs. She is an associate member of the Montana Independent Bankers Association. Kindra is fromGallatin Gateway, Montana. She graduated fromColorado State University and lives in Bozeman with her husband, Ryan, and two young children. For additional information: 1. 2019 Zywave Benchmark Survey 2. The Kaiser Family Foundation Employer Health Benefits 2019 Annual Survey 3. Healthcare.gov 4. Milliman: Estimating the impact of COVID-19 on health care costs in 2020 As a community banking partner, you can count on us – leaning on our strength and expertise to overcome your obstacles. We’re with you, moving forward together and banking on a stronger tomorrow. Be Confident with Bell Bank by Your Side We’re downside risk managers – committed to our growing correspondent department and still purchasing high-quality participations. Additionally, we can offer: Bank stock financing A full line of insurance options Business leasing opportunities We do not reparticipate any loans. Bell Insurance Services, LLC is a wholly owned subsidiary of Bell Bank. Products and services offered through Bell Insurance are: Not FDIC Insured | No Bank Guarantee | May Lose Value | Not A Deposit | Not Insured by Any Federal Government Agency. With You for a Stronger Tomorrow Member FDIC 27261 Craig McCandless Call me at 406.850.3790 Based in Billings, Mont., serving Montana, Wyoming and Idaho 27261 AD Community Bankers Association of Montana Phase II 2020_Craig_M.indd 1 7/10/20 3:16 PM