Five Reasons Why You Need To Choose Level Funded Plans In Cleveland Ohio
Level funding is not is not a health insurance plan for every group, but if it is working for your company, it could be huge savings in the cost of health for your company. With the increases expected in 2017 and beyond, opting into level funded plans in Cleveland Ohio will be of great benefit, not only now, but for years to come. Here are five reasons why you need level funded plans in Cleveland Ohio:
1) You Are Struggling to Find Group Health Insurance That Is Affordable For Your Staff.
Truly, health care is not cheap; it is expensive. Providing such valuable benefit for your staffs can serve as a tangible reason for them to stay with you or leave you for a better opportunity. To counter the rise the market is seeing in local group health insurance; carriers have now provided an alternative; level funding. With level funded plans in Cleveland Ohio, what you pay for is only the health care claims consumed by your group. They protect you from outrageous and excessive claims as well. At the end of the year, any left-over fund is given back to the employer as cash or as a reduction for the following year. This can lead a very significant decrease in the cost of health insurance for your company depending on the claims of the employees.
2) You Have a Healthy Group of Staffs
There is nothing like paying premiums monthly and knowing that your staffs are healthy and would barely visit the office of the doctor. This looks like a waste of money. Level funded plans in Cleveland Ohio allows you to only pay for the claims made by your group. A healthy group of employees will be of great advantage when you opt in for level funded health plans.
3) You Have a Predominate Young and Male Workforce
How the rate of group health insurance is evaluated is dependent on a lot of factors. In simple terms, gender and age are the two most important factors they consider when they want to rate your group. If you have a lot of male staff that are young, level funding enables you to avoid what is known as “community rating,” where all your staff are given equal treatment and preference irrespective of their gender or age. According to statistics, young male employees are likely to file little or no claims, and this will in return make insurance carriers to provide you with lower rates on the premium amount you will pay.
4) You Want To Design Your Personal Health Plan
With level funded plans in Cleveland Ohio, an employer has the freedom to choose plans and carriers that works best for their company. You are not bound to any particular plan design. This gives the flexibility of going for only what you want and think will be suitable for your company.
5) You Want To See Detailed Claim Information
With level funded plans, you will get full info about your claims, which will give you a better understanding of the whereabouts of your claims funds. With this information, you can modify your plan design.