Assure Level Funding Business Health Insurance
This is the fastest growing health insurance for business between 2-100 employees
Eliminate the financial risk and funding fluctuations that are common with a traditional self-insured plan.
Save on health care costs and put more resources back into your business.
Chance to earn back 100 percent of surplus claim funds at the end of the policy year (beginning with 2020 plans).
Bundled product like a fully insured plan with the financial advantages of a self-insured plan
The security of a fully insured plan with the advantages of a self-insured plan
Level-funding is a cost-effective health plan funding solution that allows companies to pay a predictable, fixed monthly rate like a fully insured plan to eliminate the funding fluctuations associated with self-insured plans. Instead of using the premium to pay expected claims and administrative fees, our Assure level-funded plans use that money to fund maximum claim liability, pay administrative fees and pay a stop-loss insurance premium. This eliminates the financial risk of self-insured plans.
The money that is set to fund maximum claim liability is used to pay the claims that occur throughout the year. If a company’s claims are less than the amount they funded at the end of the policy year, the company will receive 100 percent of the funding surplus. Payments are calculated after the 24-month claim liability period has expired (12 months after the end of the policy year).
If claims go over the funded amount, the company is protected by stop-loss coverage.Stop-loss insurance protects employers by covering the cost of claims that have gone over the funded amount, which is based on maximum claim liability. Stop-loss insurance limits the company’s risk exposure and protects from catastrophic claims. An advance funding feature allows the payment of claims even when the funding level is less than the claim payments. This feature ensures that the company never pays more than their maximum claim funding amount for any month of the year.
These plans also provide preventative, pharmacy, maternity, and pre-existing conditions everything Major Medical or Traditional Insurance provides.
How Does It Differ from Traditional Insurance?
Choosing the right type of health plan is a crucial part of the growth and long-term success of your business. However, many employers are confused about the differences between self-funded and traditional insurance. With self funding insurance, a company is responsible for paying for its own medical bills directly and a TPA performs tasks such as processing claims and issuing ID cards. When a company chooses to go with traditional or fully-insured insurance, the company pays a premium to an insurance carrier. The premium is usually fixed for the year and is based on the number of enrolled employees. In this case, the insurance company assumes the risk.
Health insurance can be complicated. Let us make it simple in your time of need.
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Health insurance can be complicated and you want to work with someone whom you can trust. As an independent agent working with multiple providers, June is able to make sure you get the right coverage you need at the right price.
Schedual a one on one meeting with June today!