BlueAdvantage announces new Level Funded plan
With healthcare costs on the rise, companies are exploring new ways to provide affordable health insurance to their employees. Self-funding has become a popular option, giving employers more control over the cost of their health coverage and a way to avoid penalties and fees in the marketplace.
But it can be difficult for smaller companies to manage the risk associated with self-funded health plans. BlueAdvantage Level Funding is designed to give your clients the cost savings of self-funded plans, with the stability of a monthly premium. It’s self-funding with a safety net.
How it works
Fund the plan – Groups pay a flat, monthly fee that covers administrative costs, expected claims and excess-loss coverage. If the group is healthier than the expected claims amount, we’ll return a portion of the unused claims dollars.
Safety net – Groups limit their risk if claims exceed the expected amount with excess-loss coverage. BlueAdvantage Level Funding includes two types of excess-loss coverage:
- Specific coverage: protects from an individual employee who has a very costly year
- Aggregate coverage: covers the population as a whole
Who’s the ideal level-funded group?
- 25-200 enrolled employees
- Minimal large claims risk
- Engaged leadership team
- Groups engaged in health/wellness and wanting to manage their claims costs
What’s included?
BlueAdvantage Level-Funding health plans include many of the products and services included in Arkansas Blue Cross and Blue Shield fully insured plans, including:
- Case management
- Arkansas Blue Cross pharmacy
- Blueprint Portal
- Behavioral health
- And more!
Want to learn more about BlueAdvantage Level Funded? See our broker playbook and contact Jerry Duncan for new groups or Lynette VanDyke for existing Arkansas Blue Cross or Health Advantage groups.