Brown & Brown of PA, LP works with employers to design & implement Health Insurance plans targeted to meet the specific needs of an employer and its employees. Drawing from over 30 years of experience working with over 500 current health insurance clients, we have seen over and over again that needs and goals vary for each employer. Brown & Brown of PA is able to offer clients a multitude of Health Insurance options explained in a simplified, organized, and easy to understand fashion. Examples include:
Traditional Insurance approach where an insurance company assumes the financial risk of medical claims. This approach is typically utilized by small and medium sized business that want to minimize their involvement and financial risk. Fully Insured plans usually offer the least flexibility and generally the most expensive form of health insurance over the long run.
Employer takes a portion (or all) of the financial risk of funding their health insurance plan. Self-Funding allows tremendous flexibility in the design of a health insurance program. This flexibility can not only extend to coverages, but also to networks, administrators, and other entities that are involved. In addition, an employer has the ability to receive a vast amount of claim and other expense information which can used to determine future plan decisions and aid in getting the best use of a wellness program.
A self-funded program in which an employer is charged a premium amount that is equal to the maximum amount of claim risk for which the plan is liable prior to a Stop-Loss Insurance contract responsibility. This program builds upon the advantages of a traditional self-funding with monthly premium predictability and the ability to receive funds back if total claims paid are less than the maximum funding. Due to the premium predictability, Level Funding is often perceived as have the “look & feel” of a fully insured health insurance plan with the advantages of a self-insured plan.
Entities that are set up that enable employers to band together for economies of scale and expense efficiencies involving health insurance and other insurances. Health insurance plans are typically self-funded with added benefits from the Consortiums or Captives being improved risk managements, shared buying power for Stop Loss Insurance, and spreading out of administrative expenses. These arrangements may require commitments of time or capital.