What are the Options for Group Benefits?

Fully Insured Plans: 

Are guaranteed acceptance plans that all employees are approved to participate in regardless of health. By accepting everyone the insurance company takes on a blind risk and results in extremely high costs even with high deductibles plans. Even when employers help contribute to the employee’s portion many times the spouse and children are left with very high monthly costs to be added to a family plan.Self Insured PlansWith a self-insured health plan, employers operate and provide their own health plan as opposed to purchasing a fully-insured plan from an insurance carrier. However, self-insuring exposes the company to much larger risk in the event that more claims than expected must be paid.Level Funding PlansIs the third option somewhere in between fully insured and self-insured. Level funding offers the benefits of both insurance models with none of the risks.

SO HOW DOES IT WORK?

The “level” of level funding refers to the fact that you self-insure, but pay a level premium each month like any other plan. Which gives you a lower cost than a fully funded plan with none of the risk of a self insured plan. Level-funded plans also come fully integrated with individual and group stop-loss insurance. So you can rest easy that in the worst case scenario your company and your employees will be protected. In the best case scenario after each year your insurance company will compare what you’ve paid for the actual claims and refund you any difference if you’ve paid in more than you’ve spent. In summary, you get the regular and predictable cost of a fully insured plan, but because you’re actually self-insured, you only end up paying for the healthcare costs actually incurred by your employees and fully protected in case claims are extremely high.

PERKS OF A LEVEL FUNDED INSURANCE PLAN

Up To 40% SavingsFrom your existing healthcare plan. All Employees Are Eligible Regardless of health, for the insurance at a flat rate across the company. Pre-existing conditions are still covered. A 100% Exact Copy Of Your Existing Plan Same deductibles, same networks, doctors, drug plan, etc. Nothing changes and in most cases your employees will never notice any change at all. Complete CustomizationEvery plan can add larger networks, a greater range of deductibles, and co-pays from doctor visits to prescriptions.Nationwide Access We allow employers with employees in across multiple states to use one company, one bill, with identical coverage for all employees regardless of where they work and live.

Full Transparency Preset monthly payments – based on the number of covered employees, the total cost represents the maximum you will pay. Payments do not fluctuate based upon claims experience. All You Need With One Stop From payroll, dental, vision, life, disability, critical illness, telemedicine, HSA, 401k, retirement and more. All on one bill, one easy enrollment, with an a app for each employee for easy access to make changes to the plan, add or change coverage, view policy cards, file claims etc.Easy EnrollmentAll employees will have full 24/7/365 access to their plans online and through mobile app. From here they can modify, enroll, unenroll, add family members, change retirement contributions, view policy details, policy cards, even file claims and see claims status. All billing is flawlessly and automatically updated for each payroll period.So, What’s The Catch?The reason fully funded plans are so expensive the insurance company is “going in blind” Since they need to assume the worst case scenario and by doing so rates are much higher than they need to be especially for younger employees and healthy employees.So, just like how you get a safe driver discount with your car insurance we do the same thing by giving your group a discounted rate for the good health of your employees.We accomplish this by asking basic health questions- Current or past history of cancer, heart problems, organ transplants, upcoming surgeries etc.  The healthier the group the lower the cost for the plan. Rest assured 100% of all employees will be eligible for the same plan at the same price with no one being excluded or rated up. In the worst cases for unhealthier groups the cost will be the same never more.

Our Specialties

Our staff of experienced benefits professionals can develop benefit programs that make sense for your company and your employees. We have specialists in all lines of employee benefits, with the experience and know-how to keep your programs running smoothly and your employees happy.

We specialize in a wide variety of plans and lines of coverage, including:

Insured and self-funded health plans

Group Life Insurance

AD&D

Dental plans

Vision plans

Cafeteria plans

Voluntary Benefits

Short and Long Term Disability plans