With just shy of 100 employees, Charter Bank didn’t have the best results when negotiating prices for health insurance.
The Eau Claire-based bank offered solid benefits to provide for its current employees and stay competitive in a tight labor market, but like any business with a smaller workforce, it suffered a higher price for its health plans.
But a decision made in mid-2018 by the Trump administration allows business organizations to offer health insurance plans to their members. The Wisconsin Bankers Association was one of the first in the state to jump at that opportunity.
After the association released specifics in October, Charter Bank signed on and both the business and its employees have seen much lower premiums.
The Wisconsin Bankers Association is not disclosing how many of its 230 members — banks that are headquartered or at least have a brick-and-mortar presence in Wisconsin — signed up for its health plans.
But Daryll Lund, president of the WBA Employee Benefits Corp., indicated that banks of varying sizes and throughout the state are buying in and more are expected to join next year.
Read more in Business Leader Magazine.