5 reasons why you’ll want to switch to Level Funding
Cash flow
Unlike self-funded plans, level-funded payments are fixed. Predictable payments make cash management easier on any small business. To help minimize the risk and protect your business, the policy includes stop loss insurance to pay if the covered claims are more than you are required to fund, so you don’t have to worry.
Risk assessment
Traditional fully-insured group policies unfairly use a broad Community Rating to assess risk, while level-funded programs evaluate only a company’s employee risk pool. The results are often lower risks and lower cost plans.
Annual refund
If claim activity is favorable, you may have a surplus in the claim pre-fund account. Businesses get refunded any unused amount at the end of the year. Traditional fully insured polices keep all unused claims funds, forever.
Utilization reports
Level-funded customers have access to utilization reports which provide transparency of healthcare costs to show how the claims dollars are being used. This gives businesses the opportunity to educate employees and further reduce costs
Switch at any time
Nothing is set-in-stone with your traditional fully-insured group policy. A level-funded programs gets you around certain Obamacare mandates and could replace your traditional plan at any time of the year.
Call today to find out more (715) 598-4412
