Group Health Insurance
Look no further… Romero & Levin has the resources you need to create an effective Group Health program. As your broker, Romero & Levin will provide a wide range of services related to the design implementation, maintenance, service, communication, and enhancement of your benefit programs. We can customize a package that will help meet your company’s recruitment and retention goals.
Full Service Consulting Firm
Our team of specialists are trained at getting your employees benefits at competitive rates. At Romero & Levin you get a team member that specialized in benefits for businesses like yours.
3 Levels of Client Support
Have you ever called your broker in an emergency, only to get the answering machine? Have you ever waited days to get a call back?
- CONSULTING TEAM – The first level is our consulting team. Their job is to take all of the strategies our research team puts together and show you a menu of ideas that deliver value to our clients based on their profile.
- RESEARCH TEAM – The second level is our research department which is comprised of top consultants. Their job is to analyze cost to benefit ratios to determine which plans can add the greatest values to our clients… based on the clients needs and profile. Our research team is made up of three CERTIFIED FINANCIAL PLANNER™ Practitioners
- ACCOUNT MANAGEMENT TEAM – We have a dedicated account manager to serve your needs. All of our clients can call their account manager from 8:00am to 5:00pm for immediate assistance. We do not believe our clients should have to wait for days or even hours for a call back.
What is Self-Funded?
Self-funded plans provide small employers the opportunity to save on health care expenses by directly funding expected claims and buying stop loss insurance for excess claims. These plans often offer a value proposition for small employers that are disadvantaged by small group rate regulation (community rated and limited rate band states). In community rated and limited rate band states, small employers with expenses less than the norm often must pay substantially higher premiums to subsidize groups with health problems. Self-funded plans are designed to provide an alternative that helps these groups capitalize on their good health and low health care costs. In addition, many groups over 50 lives choose a self-funded plan for its economic advantage, allowing employers to actively participate in their company’s employee health care coverage, gaining greater control over both the design and financing of the plan.
How does it work?
With self-funding, you – the employer – assume direct responsibility for financing your company’s health care benefits plan. You fund your group’s claim expenses, up to determined amounts. If your actual expenses are less, your group may keep the savings or use it to help offset next year’s contributions. If the employer plan expenses exceed these amounts, you have Stop Loss protection:
- Aggregate Stop Loss Insurance – protects against high claims incurred by your group as a whole.
- Specific Stop Loss Insurance – protects against high claims incurred by an individual group member.
Plan Features – The health plan for your employees will look the same:
- Comprehensive PPO network plans
- Tax-advantaged HSAs and HRAs plans
- Lifetime Maximum Choices — $3 million
- Deductibles ranging from $250 up to $2,500
- Prescription Drug Coverage — choose drug deductibles from $0 and $150
What groups should consider self-funded?
Self-funding can be financially advantageous if your small business claim expenses are at or below the norm among groups who purchase conventional insurance. Employers are selected for the likelihood that they will benefit from their participation. Self-funded plans offer these employers an opportunity for substantial savings on high quality health coverage. If your group includes members with serious, ongoing health conditions, conventional insurance coverage is probably a better alternative.
How do I find out more?
If you would like additional information on Self-Funded plans or desire a free no-obligation evaluation of your group’s health plan, please contact us. We will assess your needs and discuss our plan benefits with you and your insurance agent, if appropriate.