Save Up To 40% Compared to Your Existing Healthcare Plan
With level funded plans
Wealth Concierge Group is all about giving you the insurance you want, the way you want it.The freedom to choose any doctor and network you want. The flexibility to customize your plans with hundreds of companies. The convenience of a dedicated local agent. The piece of mind with locked in prices for life. The affordability you deserve.
PERKS OF A LEVEL FUNDED INSURANCE PLAN
Up To 40% Savings
From your existing healthcare plan.
All Employees Are Eligible
Regardless of health, for the insurance at a flat rate across the company. Pre-existing conditions are still covered.
A 100% Exact Copy Of Your Existing Plan
Same deductibles, same networks, doctors, drug plan, etc. Nothing changes and in most cases your employees will never notice any change at all.
Complete Customization
Every plan can add larger networks, a greater range of deductibles, and co-pays from doctor visits to prescriptions.
Nationwide Access
We allow employers with employees in across multiple states to use one company, one bill, with identical coverage for all employees regardless of where they work and live.
Full Transparency
Preset monthly payments - based on the number of covered employees, the total cost represents the maximum you will pay. Payments do not fluctuate based upon claims experience.
All You Need With One Stop
From payroll, dental, vision, life, disability, critical illness, telemedicine, HSA, 401k, retirement and more. All on one bill, one easy enrollment, with an a app for each employee for easy access to make changes to the plan, add or change coverage, view policy cards, file claims etc.
Easy Enrollment
All employees will have full 24/7/365 access to their plans online and through mobile app. From here they can modify, enroll, unenroll, add family members, change retirement contributions, view policy details, policy cards, even file claims and see claims status. All billing is flawlessly and automatically updated for each payroll period.
Healthcare Is In Peril
The current state of the healthcare industry presents multiple challenges to companies coast to coast that strive to offer excellent coverage to employees and their families at an affordable price.
Insights
Rising costs: Health Care premiums have risen significantly, 2000, health insurance premiums for a typical family of four have increased by 114%.1
Confusing regulations: New and changing regulations and taxes can often make it difficult to determine plan changes and what that means. for employers.
Poor employee health: Workforce health and productivity has decreased, resulting in more employee absences and poor performance.
As a result, executives end up using short-term, cost-mitigation tactics, such as reducing overall benefits, raising deductibles and cutting budgets.
Companies that have implemented wellness programs have averaged $700 in savings per year per employee.2
Average annual worker and employer contributions to Premiums and total premiums for family coverage | 1999-2015
*Estimate is statistically different from estimate from the previous year shown (p<,05).
SOURCE: Kaiser/HRET Survey of Employer-Sponsored Health Benefit, 199-2015.
1Kaiser Family Foundation and Health Research and Educational Trust. 2010 Kaiser/HRET employer health benefits survey. World Economic Forum (WEF) on corporate health and wellness.
What We Do & How They Work
Fully Insured Plans
Are guaranteed acceptance plans that all employees are approved to participate in regardless of health. By accepting everyone the insurance company takes on a blind risk and results in extremely high costs even with high deductibles plans. Even when employers help contribute to the employee’s portion many times the spouse and children are left with very high monthly costs to be added to a family plan.
Self Insured Plans
With a self-insured health plan, employers operate and provide their own health plan as opposed to purchasing a fully-insured plan from an insurance carrier. However, self-insuring exposes the company to much larger risk in the event that more claims than expected must be paid.
Level Funding Plans
Is the third option somewhere in between fully insured and self-insured. Level funding offers the benefits of both insurance models with none of the risks.
SO HOW DOES IT WORK?
The "level" of level funding refers to the fact that you self-insure, but pay a level premium each month like any other plan. Which gives you a lower cost than a fully funded plan with none of the risk of a self insured plan.
Level-funded plans also come fully integrated with individual and group stop-loss insurance. So you can rest easy that in the worst case scenario your company and your employees will be protected.
In the best case scenario after each year your insurance company will compare what you've paid for the actual claims and refund you any difference if you've paid in more than you've spent. In summary, you get the regular and predictable cost of a fully insured plan, but because you're actually self-insured, you only end up paying for the healthcare costs actually incurred by your employees and fully protected in case claims are extremely high.
So, What’s The Catch?
The reason fully funded plans are so expensive the insurance company is “going in blind” Since they need to assume the worst case scenario and by doing so rates are much higher than they need to be especially for younger employees and healthy employees.
So, just like how you get a safe driver discount with your car insurance we do the same thing by giving your group a discounted rate for the good health of your employees.
We accomplish this by asking basic health questions- Current or past history of cancer, heart problems, organ transplants, upcoming surgeries etc.
The healthier the group the lower the cost for the plan. Rest assured 100% of all employees will be eligible for the same plan at the same price with no one being excluded or rated up. In the worst cases for unhealthier groups the cost will be the same never more.
Plans In Action
Year-End Accounting Examples
Level Funded Health Insurance
*Plans must be directly equivalent of the same face amount, target, term and cash value.
Wealth Concierge Group reserves the right to modify, alter, and or cancel this promotion at anytime. All rights reserved Wealth Concierge Group
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