Alternative Funding for Employee Health Benefits
Business owners today are looking for a better, more cost-effective way to provide high quality health benefits for their employees. For some of these businesses, alternative funding options such as forming a Health Insurance Consortium may be the answer.
A Health Insurance Consortium increases an individual, 50-300 employee company’s purchasing power by joining together with other like-sized businesses. Typically the self insurance market is not practical for this size business, but this alternative option allows participants access to self insurance markets without being vulnerable to the traditional risks that go along with this kind of funding.
Being part of a health insurance consortium will not take away from the individual needs and decisions of participating businesses. Each business maintains the ability to have a plan that works best for their company with major market network access. There is access to high quality medical care and the opportunity to stabilize costs by pooling with other businesses. This allows for the best rates possible with the reinsurance.
With a traditional, fully insured health insurance program the employer pays the insurance company premium with no opportunity of future credit. With the health consortium there is the possibility of credit for subsequent years. If an employer pays the insurance premium, but doesn’t use all of the money allocated to their own claim fund that year they have the opportunity to apply the unused money toward premium in following years.
For more information about alternative funding options and the Health Insurance Consortium please call l 1-888-366-1000 Ext. 153 to speak with a representative from our Health and Benefits division.
The Seltzer Group with locations in Schuylkill Haven, Orwigsburg, and Pottsville,Pennsylvania, serves businesses and individuals locally, regionally, and on the national level. The Seltzer Group is a proud member of the Keystone Insurers Group.
Join us for a FREE informational session to learn if the Health Insurance Consortium is right for your business. This is too great of an opportunity not to learn more!