Level Funded Insurance Plans
Due to healthcare reform and ACA compliant plans, carriers have created plans that are customizable and could significantly reduce your health premium. These new options are Level-funded health programs, and top carriers such as UHC and Aetna have plans available in Illinois.
With Level-funded plans, H Group Benefits is saving our clients 30% or more on their health insurance premiums without sacrificing coverage or raising your deductible. In fact, much of the time Level-funded plans can save you money and lower your deductible at the same time!
Level-funded plans are a hybrid of traditional fully insured plans and self-funded plans. Level-funded plans have the same look and feel of traditional small group health plans, yet offer the advantages and savings of self-funded benefit programs.
Just like your current health plan, Level-funded plans feature fixed monthly payments with simple plan design options. Unlike self-funded plans, Level-funded plans are not subject to state premium taxes and offer easy administration.
The fixed monthly payments of a Level-funded plan include stop-loss insurance and do not fluctuate based on claims activity. This means there are no extra charges if claims are high, so employers will never have to pay more than the maximum monthly cost. While self-funded health plans are often criticized for the employer’s potential to lose money, a Level-funded plan eliminates this risk.
Here are a few reasons to consider to a Level-funded health insurance plan for your small business:
- You have greater control over your health care dollars, year after year, because your costs are based on your employees
- Your health care costs are much lower than those of a traditional, fully-insured health plan
- You get to customize a benefit plan, and are not required to bundle in state-mandated benefits
- You are refunded money at the end of the year if your claims do not exceed projections