Utah Small Businesses Gain Affordable Health Insurance Through Silicon Slopes Initiative

Salt Lake City, Utah - April 4, 2025

A new partnership between Silicon Slopes, Select Health, and the University of Utah Health networks has introduced the Silicon Slopes Health Plans” (SSHP), offering level-funded health plans for Utah businesses with as few as two enrolled employees.

For many small businesses and startups, providing health insurance is a financial challenge. Traditional insurance plans can be costly, making it difficult for businesses to attract and retain employees. This initiative aims to address that issue by offering cost-stable health coverage designed specifically for smaller employers.

A Utah-Based Collaboration

Silicon Slopes, a key organization within Utah’s business and innovation ecosystem, worked to secure this partnership over several years. Recognizing healthcare costs as a major barrier to small business growth, the organization facilitated an agreement between two of Utah’s largest healthcare networks to create a sustainable solution.

“This initiative is not just about introducing a new health plan,” said John Bowers, Chief Business Officer & Partnerships Director at Silicon Slopes. “It is a Utah-focused collaboration that brings together healthcare providers to serve the needs of local businesses.”

Chad Westover, CEO of U of U Health Plans, emphasized the significance of the initiative: “Small businesses often struggle to offer employees health benefits. We saw an opportunity to develop a better solution by working together, rather than competing, to provide more choice and affordability.”

Heidi Castaneda, AVP of Small Employer and Individual Products for Select Health, added, “These small employers need access to a diverse range of coverage options that are as unique as they are and fit their employees’ health care needs and budget.”

How SSHP’s Level-Funded Plans Work

Level-funded plans combine aspects of fully insured and self-funded plans, offering cost predictability and flexibility. Key features include:

• Fixed Monthly Payments – Employers pay a set amount covering administrative costs, claims funding, and stop-loss insurance.
• Potential Surplus Refunds – “If the group’s claims are lower than expected, unused claim funds are refunded to the employer at the end of the year.”
• Access to Established Provider Networks – Employees can use Select Health and University of Utah Health providers, ensuring broad access to care.
• Lower Costs and Greater Customization – Compared to fully insured plans, level funding allows businesses to tailor benefits and manage expenses more effectively.
• Designed for Growth – Plans are available to businesses with as few as two enrolled employees, allowing for scalability as companies expand.

Impact on Utah’s Business Community

By offering an alternative to traditional health insurance, this partnership provides small businesses with a more affordable and flexible option. It also represents a shift toward collaborative efforts between business and healthcare providers to address challenges in employer-sponsored coverage.

Small business owners interested in learning more about eligibility and enrollment can visit www.siliconslopeshealthplans.com.