Fully Insured Medical Plans
Fully Insured Medical Plans offer small businesses an efficient option where employers can provide health insurance benefits by paying a per-employee premium. This makes the insurance company, not the employer, responsible for cost of care.
Premium prices fluctuate dependent on employee population and health care use. This empowers employees and employers because if employers encourage workers to have a healthy lifestyle, such as regular exercise and avoiding alcohol and tobacco, then your health care costs may be reduced. However, the employer pays the same premium price for all employees.
Premium costs are fixed for a year if the number of benefit members doesn’t change during that period. Additionally, employees are responsible for paying deductibles and co-payments, further reducing how much an employer is billed for health care. Fully Insured Medical Plans establish that insurers are responsible for claims and administrative costs, reinforcing the predictability of your monthly health care payments. This also means that any unexpected increases in claims does not translate to unexpected cost increases. These predictable payments makes managing your business budget easier, allowing you to focus on best serving customers and clients.
Fully Insured Medical Plans are a popular health care option for small businesses: about 88 percent of employees at businesses with 3-199 workers receive fully insured medical plan coverage. Often, fully insured medical plans are pooled amongst small businesses, spreading the risk to keep prices down.
ENV Insurance can make fully insured medical plans benefit your business. For 25 years, ENV has helped businesses manage their benefits packages. ENV has remarkably low employee turnover since its establishment, meaning your business will work with experienced, knowledgeable, accommodating agents who will assist in addressing your individual business interests.
Contact an ENV insurance agent today.