Group Product Offerings & Funding Arrangements

GROUP PRODUCT OFFERINGS

The following list contains the group product offerings available to you. Some are discussed in detail on this site. If you need additional information about any products, simply ask.

 

Group-Specific Products:

  • Medical

    • Fully-Insured

    • Partially Self-Funded

    • Fully Self-Funded

    • Level Funding

  • Health Savings Accounts

  • Health Reimbursement Accounts

  • Flexible Savings Accounts

  • Dental

  • Vision

  • Telemedicine

  • Long-Term & Short-Term Disability

  • Life Insurance

  • Long-Term Care

  • Cafeteria / Section 125 Plans

  • 401(k) Plans

  • Voluntary

    • Accident

    • Critical Illness

    • Cancer Coverage

    • Gap Insurance

    • Hospital Indemnity

    • And more!

  • Business Overhead Plans

  • Key Person Insurance Plans

No matter the product, you’ll receive access to the most competitive carriers who can provide the best rates available to meet your needs and budget.

FUNDING ARRANGEMENTS

 

FULLY-INSURED

 

With a fully-insured health plan, the employer sponsoring the health coverage pays a premium to an insurance carrier. The rates paid are fixed on an annual basis; however, if an employee leaves your plan, the monthly premium adjusts to reflect that drop in coverage. In accordance with the plan chosen, the insurance carrier pays the healthcare claims of the employees, and employees (and covered dependents) are responsible to pay any deductibles or co-pays.

While fully-insured is the most common funding option, it is not the only option. Creative funding strategies can create savings for employers, while providing a complete benefit package to your employees. Innovative solutions like the ones discussed below can also increase employee participation, which in turn can lead to higher employee retention, higher productivity, and a better business.

 

SELF-FUNDING / PARTIAL SELF-FUNDING

 

Self-funding allows employers to save initial premium dollars; however, self-insuring does expose you to more risk in the event that more claims than expected must be paid. There are ways to lessen this risk with things like stop-loss. Self-funding is best for large and relatively healthy groups.

If self-funding sounds like too much risk, partial self-funding may be a happy medium. With partial self-funding, you can raise the deductible of your health plan and then provide your employees with a Health Savings Account or Health Reimbursement Arrangement to cover the deductible difference.

LEVEL FUNDING

 

Level funding is a way to bring self-funding to employer groups with under-50 employees. Level funding programs operate like fully-insured plans where groups pay monthly level premiums; however, premium dollars go into a claims account that pays up to a select stop-loss, allowing savings in premium and employer out-of-pocket claims cost!

If you have fewer than 50 employees and self-funding is an option, you could save in all of the following ways:

  • The money in your claims account goes exclusively to your claims expenses

  • If your claims are less than expected, there can be savings

  • If your claims are more than expected, stop-loss insurance protects your finances

  • You can also receive money back if you don’t use all of the funds in your claims account

© 2020 by GBL. Contact your local agent for more information.