AmeriHealth New Jersey, Cranbury, announces it will provide employers with 51-99 employees the option of obtaining self-funded administrative services.
Employers who take advantage of the self-funded administrative services will have the opportunity to choose from six different plan designs that have set levels of coverage outlined for each plan.
“With the rapidly changing healthcare landscape we recognized that our customers, particularly those in the small- to mid-market segment, were looking for alternative options when offering their employees a competitive benefits package,” said Mike Munoz, senior vice president of sales and marketing for AmeriHealth New Jersey.
With a self-funded health plan, employers anticipate that their employees will be healthy and pay administrative costs and claims that are incurred by their employees, rather than paying a fixed monthly premium. When employees are healthy, the employer can reap the benefit of reduced claims. According to the Self-Insurance Institute of America (SIIA), an employer can save 10-25 percent in claim costs by moving to a self-funded health plan.
“There are definitely benefits to opting for a self-funded health plan, but it’s not for everyone,” said Munoz. “The rewards and the risks should be assessed individually by each employer.”
As added protection, AmeriHealth New Jersey’s six plan designs all include stop-loss coverage with a $25,000 cap for individuals and an overall aggregate cap of 125 percent of the employers’ expected claim expense.Related Articles: