Health insurance for farmers. 40 square Cooperative Solutions

Summary

In this video, Char discusses the unique model of 40 Square, a cooperative that offers health plans specifically for farmers and agribusinesses across Minnesota. Unlike traditional health insurance, members own their health plans, with the board, consisting mostly of health plan participants, making key decisions. The co-op’s health plans are based on feedback from the agricultural community and provide flexibility, including a range of deductibles. Char also emphasizes the cooperative’s commitment to supporting Minnesota's agricultural sector and its responsiveness to member needs, offering a sense of empowerment and ownership to its participants.

Takeaways

• 😀 40 Square Cooperative Solutions is a health plan provider for farmers and agribusinesses in Minnesota.
• 😀 The cooperative allows its members to own and govern the health plans, giving them control over decisions.
• 😀 Board members of the cooperative are often health plan participants themselves, ensuring their interests are prioritized.
• 😀 Surplus funds from premiums are used for reserve funds or to lower premiums, as decided by the cooperative's board.
• 😀 The health plans offered by 40 Square are traditional major medical plans with flexible deductible options.
• 😀 The cooperative structure differentiates 40 Square from traditional insurance providers, providing a more member-centric approach.
• 😀 40 Square was created in partnership with United Farmers Cooperative and Cooperative Network of Minnesota, after 15 years of collaboration.
• 😀 The cooperative has been operational for three years and currently serves around 5,000 members.
• 😀 Health plans are designed based on feedback from surveys conducted with farmers and the agricultural community.
• 😀 The cooperative is responsive to member feedback, having added a higher deductible option in response to requests in the first year.
• 😀 40 Square's website is 40square.coop, where members and potential members can learn more about the plans and services offered.

Q & A

What is the core purpose of 40 Square Cooperative Solutions?

40 Square Cooperative Solutions provides health plans specifically designed for farmers and agribusinesses across Minnesota. They offer traditional major medical health plans, with a unique cooperative structure where members own the health plan.

How is 40 Square different from traditional health insurance providers?

The key difference is that 40 Square is a cooperative, meaning the members who participate in the health plan also own it. Board members are elected from the participant pool, and decisions on benefits, reserves, and premiums are made by the members themselves.

What happens to leftover premium money at the end of the year?

Any leftover money from the premiums doesn't go to an external entity. The cooperative's board decides how to use it, such as putting it toward reserves, enhancing benefits, or reducing premiums for the next year.

How was the cooperative created, and who was involved?

The cooperative was created specifically for the agricultural community in Minnesota, with significant input from United Farmers Cooperative and Cooperative Network, which is the state's association of co-ops. They have been working on this concept for over 15 years.

How long has 40 Square been operational?

40 Square has been operational for three years, and it has passed several pieces of legislation to support its mission.

How many members are currently part of 40 Square Cooperative Solutions?

40 Square currently has 5,000 members.

What types of health plans does 40 Square offer?

40 Square offers seven different health plan options, with deductibles ranging from $1,500 to $7,900. These plans are designed based on feedback from farmers and the agricultural community.

How does 40 Square determine the health plan options?

The health plans are developed based on surveys conducted with farmers and others in the agricultural community to understand what they want in a health plan. The cooperative adjusts its offerings based on member feedback, as seen with the introduction of a higher deductible option in response to member requests.

How do members have a say in the health plans offered?

Members of the cooperative have a voice in decision-making processes, including electing board members who are responsible for making decisions on benefits, premiums, and other aspects of the health plan. This ensures that the cooperative remains responsive to the needs of its members.

Where can someone find more information about 40 Square Cooperative Solutions?

More information about 40 Square Cooperative Solutions can be found on their website, which is 40square.coop.