If you're looking for the freedom of a self funded health plan, but don't want to incur unexpected monthly costs and the risk of large claims, a level funded health plan might be the right option for your business.
A Level Funded plan provides the security of a fully insured plan, but allows for more certainty in your monthly costs. The employer will pay a fixed (or level) fee each month to the insurance carrier to cover administrative fees and anticipated employee claims.
At the end of the year, if the claims are less than projected, employers can expect to receive a surplus refund. However, if the claims exceed what was expected, the employer is protected by stop-loss insurance. The stop-loss insurance protects the employer against unexpected high claims by paying the difference.
A level funded plan makes sense for your business if employees are generally healthy, you're a small- to medium-sized business and you want to give your employees quality insurance while saving your business money. UIA Health Insurance can prepare estimates on just how much this plan could benefit your company. Call us at (920) 215-4995 to talk with our group benefit agents.