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Cigna + Oscar Withdraws from
The Small Group Market

New Cigna + Oscar (C+O) small group sales and renewals will not be offered in 2025. At C+O’s request, all plans and rates have been removed from the quote engine. However, you can still quote or renew your C+O groups through December 15, 2024 by contacting us at quotes@claremontcompanies.com or 800.696.4543. Please note: the last day of coverage will be December 14, 2025.

For assistance, please contact our Quotes team at quotes@claremontcompanies.com or 800.696.4543.

2020 Principal Financial Well-Being Index Finds Businesses Growing

2020 Principal Financial Well-Being Index Finds Businesses Growing

Aug 24, 2020, 2 Minute Read

In its seventh edition released in July, the Principal Financial Well-Being Index for Business Owners gathered insights from 500 leaders at companies from 2 to 10,000 employees for a look at how COVID-19 has affected how they do business, how it’s impacted their customers and employees, and what they plan to do moving forward during recovery.

Four Big Takeways

Businesses have tried to maintain staffing.
– 76% haven’t cut staff.
– The two most popular cost-saving options are a hiring freeze and other budget cuts (such as travel).
Employee well-being remains a clear priority.
– Fewer than 15% of businesses plan to reduce employee benefits. Some plan to expand them in response to COVID-19.
– 21% plan to boost mental health and well-being programs.
– 20% are increasing healthcare benefits.
They’re adapting to uncertainty.
– 66% of businesses expect to recover economically within a year.
– Three popular reactions to COVID-19: increased cleaning (48%), more employees working remotely (39%), and increasing cash on hand (26%).
Federal help is making a difference for small businesses and their employees.
– One-third of small businesses (2-500 employees) received federal assistance.
– 77% are spending the stimulus on payroll.
– 58% are also spending assistance on employee benefits.

The Impact on Small Businesses

37% of businesses, with under 500 employees, reported that their financials have improved significantly or somewhat in the past 12 months.
More than half of small businesses described their financial health as stable and one-third are growing.
As of March 2020, less than 10% considered reducing the employer paid portion of employee benefits, and less than 7% considered a reduction in the employee benefits offered.
83% of small businesses have been able to maintain or increase staff in the past 12 months.
Over one-third have applied for and were approved for some type of federal assistance.
45% of employers with under 500 employees are using the assistance for employee health care benefits.

Download the full 2020 Principal Financial Well-Being Index to explore the findings in more detail.

Start quoting Principal today!

Questions?
Contact your Claremont team at 800.696.4543 or info@claremontcompanies.com.

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