Group Health Insurance
Healthcare Coverage Crisis in the United States.
Businesses across the United States face various challenges in the healthcare industry as they endeavor to provide their employees and families with top-notch, cost-effective coverage.
The healthcare industry is facing several challenges, including skyrocketing costs. Since 2000, premiums for health insurance have risen by 114% for a typical family of four. The constantly changing regulations and taxes also need to be clarified for employers trying to determine plan changes. Also, poor employee health has decreased productivity, more absences, and unsatisfactory performance. In response, executives often resort to short-term cost-cutting measures, such as reducing benefits, raising deductibles, and cutting budgets. However, companies that have introduced wellness programs have saved an average of $700 annually for each employee.
What We Do & How It Works
Fully Insured Plans
- Guaranteed acceptance plans that all employees are approved to participate in regardless of health.
- Accepting everyone the insurance company takes on a "blind risk" which results in extremely high deductible plans.
- Even when employers help with contributions to the employee's portion of the plan quite often the spouse and children are left with unaffordable monthly costs to be added to a family plan.
Self Insured Plans
- Employers operate and provide their own health plan as opposed to purchasing a fully-insured plan from an insurance carrier.
- Self-insuring exposes the company to much larger risk in the event that more claims than expected must be paid
- Lack of predictability
- Cost fluctuations can put a huge strain on the businesses cash flow
Level Funding Plans
- Predictable costs: With Level Funding, companies pay a fixed monthly amount for their employees' healthcare expenses. This makes it easier to budget and plan for healthcare costs.
- Customizable benefits: Employers have the flexibility to customize their employee benefits package, including selecting the coverage levels, copay amounts, and deductibles. This allows employers to tailor the plan to their employees' needs and control costs.
- Return of premium potential: If employee claims are lower than the amount paid in premiums, some Level Funding plans offer a return of premium to the employer at the end of the year.
- Transparency: Level Funding plans provide detailed reporting and analytics, allowing employers to see exactly how much they are spending on healthcare and where the money is going.
- Risk mitigation: Level Funding plans provide protection against catastrophic claims by capping the amount an employer is responsible for paying in a given year.
Overall, Level Funding Group Health Insurance plans can offer cost savings and greater control for employers while providing comprehensive coverage for their employees.
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