Group Health Insurance
At Minuteman, we provide a range of group health insurance plans for businesses. We offer traditional group plans through major carriers such as Anthem and Harvard Pilgrim, and we specialize in self-funded plans for groups of 50 or more. Group health insurance has several options available:
- Fully insured plans
- Level-funding plans
- Self-funding plans
What is a Fully Insured Group Health Insurance Plan?
In a fully insured plan, the premium is paid monthly to the carrier based on the number of employees and dependents. All monies collected by the carrier remain with the carrier regardless of how much is paid out on claims for that particular group. In this program, the premium is collected by the insurance company, and about 90 days prior to the end of the plan year, a renewal is issued.
What is a Level-Funded Group Health Insurance Plan?
Under a level-funded plan, premiums are established based on a prototype plan, with several plan options. Premiums are paid monthly based on the number of employees and dependents.
The difference from this and a fully insured plan is that if you have favorable claims at the end of the plan year, you are reimbursed that money or can use that money toward your premium for the new plan year. If claims are not favorable, you will not be responsible for any additional money for that plan year. Claims information is available and programs will be embedded to assist you in managing your claims. In other words, you will know what type of services are being utilized if you need to make any plan adjustments come renewal time.
What is a Self-Funded Group Health Insurance policy?
With a self-funded plan, you design your own plan to meet your needs and the needs of your employees. Plans will still need to follow the ERISA (Employee Retirement Income Security Act that also covers standards for private health plans) and ACA (Affordable Care Act) guidelines. You, with the assistance of a third party administrator (TPA), choose a stop loss deductible that best suits the size of your company. You purchase, with a minimal monthly premium, two contracts, a Specific and an Aggregate Contract.
Employers also pay an administrative fee to the TPA for processing claims. The employer will be responsible for claims, only up to the specific amount chosen on each individual, and claims will be paid as they are processed. With favorable claims, there is a potential for substantial savings. Since claims are funded as processed, there is a cash flow advantage. Employers will receive HIPAA-protected (Health Insurance Portability and Accountability Act) claims information every month. The Aggregate Contract will protect the employer on overall claims, capping claims at an annual guaranteed amount.
Not sure which plan makes the most sense for you? Contact us to talk about the best group health insurance plan for your business.
Why choose Minuteman for your company’s Group Health Insurance needs?
Local Insurance Agents
Our New Hampshire agents help companies across New Hampshire and Massachusetts.
Customized Insurance Plans
Our licensed agents will scour the market for competitive Group Health Insurance quotes and plans that work best for you and your employees’ needs.
Find out for yourself why customers have been trusting Minuteman for insurance for over 80 years—talk with one of our knowledgeable and friendly agents today.
Years of Service