GROUP HEALTH BENEFITS
Group Health
Group Ancillary
Group Life
Benefit Admin. Systems
WHICH PLAN FITS YOUR BUSINESS ?
Fully Funded Health Plans
This is done by purchasing a plan(s) from a healthcare provider like Blue Cross that offers you a flat group premium billed monthly. In turn the healthcare provider agrees to pay the claims for your group after deductibles and coinsurance.
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These are the most common health plans in the United States. Premiums are generally high because of the financial exposure for the healthcare provider. The higher the deductible and the more coinsurance you agree to may reduce the premium.
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Ultimately the plan is low risk health insurance. Once your premium is paid it belongs to the healthcare provider and you are guaranteed to not pay additional premium except for your participants deductibles, coinsurance, copays and out of pocket maximums.
Self Funded Health Plans
If you have a sizeable business and are willing to assume liability for potential medical claims up to an agreed upon limit this may be for you. Self funded plans are an A La Carte version of a fully funded plan. Instead of paying premium to a healthcare provider who in turns pays claims, provides a network, and accepts the risk of excessive claims we help you select each option individually.
Each A La Carte option has fees associated with that service, but imagine what fees (premium) are eliminated by cutting out the Insurance Company. This method of insurance offers lower premiums up front and even provides opportunity for unused claims dollars to be returned to you.