Minimum Premium Plans from Employee Benefit Solutions
Do your needs fall somewhere between a traditional and a self-funded plan? A minimum premium healthcare planmay be for your organization. These plans combine the cash flow advantages of a self-funded plan with the protection of a fully funded plan, giving employers a measure of predictability yet with an additional measure of cost savings.
How a minimum premium plan works.
Your professional agent assists you in reviewing your past history to anticipate the amount of claims you can expect to encounter each month. You then determine a fixed percentage of those monthly claims that you, as the employer, will pay; any excess claims beyond that maximum amount is paid by the insurance company.
Because you are sharing some of the claims-payment responsibilities with the insurance company, monthly premiums payable to the insurer are generally much lower than in traditional plans, yet the insurance carrier provides your firm with all the same services—everything from plan administration to stop-loss coverage, which kicks in when the maximum amount your company pays is reached. Also prepared for you:
- Insurance policy (including riders, if any)
- Booklet containing the contract summary plan description
- Certificates of insurance for employees
- Communications for your employees, who are the plan participants
Same insurer-provided services, at reduced costs.
To get the best of both worlds that a minimum plan can offer, it’s essential to have the very best team of professionals assist you in interpreting a mix of historical data and making the right choices. That’s where Employee Benefit Solutions comes in.
We have the experience and expertise necessary to properly analyze the specifics of your situation, then develop a sound program that speaks to your desire for coverage and cash flow. By working with us, you save valuable time, money, and avoid hassles and headaches.
Contact us to learn more.
Trust Employee Benefit Solutions to help employers and their employees make the connection between good health and saving on their healthcare plan. Give us a call at (203) 563-0885 to find out more about our solutions.