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Revolution Health Plans vs. Traditional Group Health Plans

Protect Yourself Against the Spiraling Health Care Costs

Offering health insurance for your employees is one of the top three biggest expenses for your company. And providing a decent benefits package can be key to recruiting and retaining a talented workforce. But let’s face it, shopping for traditional health plans is confusing, time-consuming, and frankly, they are all about the same. Year after year, mainstream health plans give you higher premiums, fewer benefits, and little to transparency with how the administrators are spending your company’s money.

BIC Is Different.

BIC designs health insurance plans that give small to medium businesses control over premiums, benefits packages, and reporting.

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Revolution Health Plans vs. Traditional Group Health Care Plans

4 Reasons to Consider Self-Funded Insurance for Your Mid-Size Business:

 

Better Rates

Get more, pay less.
It’s really that simple.

Revolution

Your premiums are based on plans you choose and the age and health risks of your own employee population. Companies with employees that fall into low-risk categories can qualify for preferred rates.

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Traditional

Roll the dice. Your assessment is averaged in with assessments from employee populations of businesses in your local area. Rates are typically one size fits all.

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Custom Benefits Packages

Major carriers, benefits you need, and options your employees want.

Revolution

BIC offerings are not limited by state agencies or affected by health care reform, The Patient Protection Act, or the Affordable Care Act (PPACA). BIC designs benefits packages based on your needs. In many cases we can incorporate a Health Savings Account (HSA) or Health Reimbursement Account (HRA) into your health benefits plan.

Traditional

You want fries with that? Great! But no substitutions, please. Your 3rd party benefits administrator will present your company with a standard menu of health care packages and add-ons as everyone else. They are designed to meet government guidelines and make insurance agencies money.

Control Your Costs

Remove the middle man and use actual data to make health care decisions based on the needs of your employees.

Revolution

The employer promises to pay benefits. It’s called Self-Funding. With our help, you purchase administrative services (handling the money and paperwork), stop-loss insurance to protect your plan from unexpected obligations (major illness or accident)

Regular reporting shows you where your money is being spent, so you can keep track of your actual health care costs.

Traditional

The insurance company promises to pay benefits. You pay the 3rd party administrator to facilitate the purchase of your group health insurance contract for the purposes of benefit selection, rate guarantees, and premium collection.

Little to no reporting is available.

Annual Refund

It’s your money. It’s your plan. If you don’t use all the funds, pay yourself back.

Revolution

If medical costs do not reach the annual amount budgeted, congratulations! You can collect a refund on the unused medical costs. Historically, about half of companies obtain refunds.

Traditional

Refund? What refund? Insurance companies and plan administrators are in business to make money. if there are any funds at the end of the year, you’ll never see any of it.

BIC is Your Source for Small Group
Health Insurance Solutions

With over 25 years of experience in small group self-funded benefit design, the professionals at Benefit Indemnity Corporation (BIC) know how to design, build, enroll, underwrite, and install small group self-funded benefits. BIC offers a wide range of innovative health benefit plans that can meet the needs of almost any size group. From a small group, packaged, self-funded plans, to large group, fully customized designs, BIC can support both broker and employer needs for innovative benefits and state of the art risk management.

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How It Works

Revolution (self-funded) health benefit plans give employers, and their employees added protection against spiraling health care costs, especially in light of the Patient Protection and Affordable Care Act (PPACA).

Unlike the traditional health benefits plan model, costs are controlled by the employer – not an insurance company. Employers set the level of benefits they wish to offer and the cost for employers each year.

Costs of self-funded plans are similar to an insurance premium and include administration fees and all medial claims costs, as well as stop-loss premium payments. Stop-loss insurance limits a company’s exposure on medical costs to a set level.

Employees are charged a set monthly fee, established by the employer sponsoring the health plan benefits. The employer pays the medical claims costs incurred by the covered persons enrolled in the plan. These costs are different each month, depending on the cost of care paid for covered persons. If claims costs exceed the catastrophic claims level established for the policy, then stop-loss insurance reimbursements are made to the employer.

If medical costs do not reach the annual amount budgeted, then the employer can collect a refund on the unused medical costs. Historically, about half of companies obtain refunds.

Why progressive owners choose a Revolution program for their growing businesses.

  1. Composite Rates Simplify Defined Contribution.
  2. No PPACA Rebate Reporting Keep the Claims Savings in the Plan.
  3. Standard Benefits Across State Lines No need for multiple plans across state lines.
  4. Rates You Deserve Earn better rates for deserving groups.

 

For more information how a self-funded plan can work for your company contact BIC today.
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With BIC, your group can get better rates & money back on health benefits.
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