Why Are Employers Not Being Shown The Comparison Between Level Funding vs. Fully Insured Group Medical Plans ?
Rick Stolz CLU, ChFC, RHU, CLTC, LUTCF,
Since 1980 President at Diversified Insurance Brokers, Inc.
GROUP INSURANCE PLANS
Selecting the right Group Plan can be complicated.?Diversified Insurance Brokers?provides you with the best choices on the market. Our company has searched carriers to find the most comprehensive best priced plans.
Level Funding Group Health: 2 + Employees In Some States. Let us explain and help explain your case specifics with us on the phone with you and your customer.
For group clients that are relatively healthy seeking cost savings on their healthcare. These plans provide ACA compliant major medical health plans with full transparency provided through data throughout the year and a potential refund after the renewal date of the policy. Underwriting via employee applications allows for this cost savings opportunity to be possible.
The application process is 100% completely online with some carriers to get the case into underwriting.
Once in underwriting, the enrollment forms can be done on a non-seen basis.
Level Funded with stop-loss insurance provides protection for everyone – Employers and Employees. Rates can be better than a fully insured plan since each groups rate is tailored to their specific demographic.
Employers are able to provide health insurance to their 1099 employees.
An Employers single monthly payment?is applied to the claims account, Plan administrative expenses and stop-loss insurance premium.
Claims account?– Funds are deposited into an account set up specifically for the groups covered medical claims. The amount deposited is based on the anticipated medical claims for the group.
Administration expenses?– Such as billing, customer service and claims payment, are also included as part of the monthly payment.
Stop-loss insurance?– Our products include the protection of stop-loss insurance.
Simple process - Contact Jason at jason@dibcompanies.com 770-662-8510
1. The monthly payment applies to the claims account, plan expenses and stop-loss insurance premium.
2. All covered employee and dependent medical expenses are paid from funds deposited into the claims account.
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3. Stop-loss insurance provides protection if covered claims exceed the employer’s monthly funding limit (monthly Aggregate Attachment Point).
4. If claims do not exceed the employer’s annual funding limit (annual Aggregate Attachment Point) at the end of the claims run-out period, a percentage of the unused claims funds remaining in the claims account can be returned to the Employer
Specific stop-loss insurance
Specific insurance is designed to prevent the claims of?one covered individual?from exhausting the group’s entire claims fund. If a member’s covered medical claims exceed the pre-determined threshold (the Specific Deductible per covered person), the specific stop-loss insurance reimburses the plan for the excess amount.
Aggregate stop-loss insurance
Aggregate insurance is designed to provide a limit on the employer’s total liability to a specified dollar amount, also called the Aggregate Attachment Point. When covered claims for?all covered employees?and their dependents exceed the Attachment Point, the stop-loss carrier reimburses the claims account for the excess amounts at the end of the policy year. The monthly Aggregate Accommodation will provide a monthly reimbursement, helping to limit your maximum claim liability.