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Friday , July , 28 2017
You are here : Group Coverage
Group Coverage

Choose from three great coverage options.

FreedomChoice

Offering employees quality and affordable healthcare is a great benefit, but it can weigh heavy on your bottom line.

Our FreedomChoice Plan saves our customers, on average around 40% on their insurance premiums. Some customers have saved up to 80%!

How can we do this?

  • You choose the benefits your employees receive.
  • Your business signs up for a high-deductible plan which will, in most cases reduce the cost of your premiums.
  • The money you save will be deposited into an account that you will use to offset the healthcare costs incurred by your employees.
  • FreedomChoice will supplement your current fully insured carrier.
  • You only pay for the medical services used, not all of the what ifs. It also comes with less risk than being self-funded. 
  • We can also help you with fully insured and self-funded policies.

Fully Insured

This is a more traditional group coverage option. We work with a variety of major carriers in Kansas.
  • Your business is responsible for paying the premium to the insurance carrier.
  • Your premium rates are locked in for one year and are based on the number of employees that are enrolled each month.
  • Monthly premiums can change throughout the year if the number of employees that are enrolled changes.
  • The insurance carrier collects the premiums and pays the healthcare claims based on the coverage benefits outlined in the policy.
  • Employees and their dependents are responsible for paying deductible amounts and co-pays required under their policy. 

Self-Funded

The employer operates their own health plan instead of going with a fully insured plan with an insurance carrier. 

Why would you choose a self-funded policy for your business? It can save the profit margin that an insurance company adds to its premium. However, a self-funded policy also comes with big risks. You can find yourself in a situation where you incur more claims than you expected, which means you have to pay in more than you budgeted. 

There are two main costs you need to consider:

Fixed costs- Administrative fees, stop-loss premiums and any other fees that are charged per employee. 

Variable costs- Health care claims. These costs will vary month to month based on the services used.

To limit your risk, some employers will use a stop-loss or excess-loss insurance. This will reimburse the employer for claims that exceed a certain level. This type of coverage can be purchased to cover huge claims on one person, or to cover claims that exceed your budgeted level for the entire group.