With health insurance costs on the rise at an increasingly rapid rate, small to midsized employers are searching for ways to lower costs while continuing to retain quality employees with strong benefits packages. BMI is able to provide the solution...The Advantage Plan.
The Advantage Plan has the look and feel of a fully insured plan with the benefits of a partially self-funded plan. This aggregate-only product allows the employer the luxury of cutting one premium check monthly while also recouping the savings in lower claim years. The Advantage Plan has a clear maximum cost, usually 10-percent below their fully-insured renewal as well as the opportunity for savings in excess of 30-percent in low claims years.
The employer's monthly premium check is utilized to pay their administration costs and reinsurance fees, with the remainder going into a bank account to pay claims. If the claims exceed the claims dollars, the reinsurance company picks up the difference, but when the claims are low, the employer is able to recoup the savings.
The Advantage Plan is Truly the Best of Both Worlds.
The Advantage Plan also includes comprehensive reporting, near endless plan flexibility, consolidated billing, compliance support, superior customer service, predictive modeling, disease management, case management and much, much more. These added services allow employers to make decisions that will have a positive effect on their workforce's lives for years to come.
Are you ready to take control of your group?
Advantage Plan Brochure [PDF]
|
Fully Insured |
The Advantage Plan |
Self-Funded |
| Funding Protection |
Yes |
Yes |
No |
| Individual Lasers |
No |
No |
Yes |
| Extensive Claim Info |
Not under 100EEs |
Yes |
Yes |
| Premium Payments |
Fixed |
Fixed |
Fixed |
| Additional Cash |
None |
None |
Weekly Funded Claims |
| Plan Design Flexibility |
Limited |
Yes, ERISA exemption |
Yes, ERISA exemption |
| Administration Costs |
Highest Cost Standard Reports |
Lower Cost Customized Reports |
Lower Cost Customized Reports |
| PBM-Rx Flexibility |
No |
Yes |
Yes |
| PPO Network |
Minimal Flexibility |
Yes |
Yes |
| Disease Management |
No |
Yes |
Yes |
| Year-End Reimbursement Potential |
No |
Yes |
Yes |
