Level-funded plans
A smart choice for employers
We know you have many factors to consider when it comes to selecting health insurance coverage for your employees. You want to provide high-quality health care coverage at an affordable price. Security Health Plan is pleased to bring you a new health plan option: level-funded plans.
How a level-funded plan works
What is a level-funded plan?
Level-funded health plans are a hybrid of traditional fully-insured plans and self-insured plans. With a level-funded plan you’ll contribute a set dollar amount, but Security Health Plan takes care of administering the plan. You’ll enjoy low financial risk due to stop-loss coverage, and a fixed monthly cost with an opportunity for refunds at the end of the plan year. If you are a employer with 10-100 employees, who are generally healthy individuals, Security Health Plan’s level-funded plans may be the right fit for you.
How does level-funding work?
Level-funded plans have a set, or level, monthly cost throughout the year that consists of three categories:
After the end of the year, if your total claims, costs and expenses are less than your contribution for the year, you may be eligible to receive a refund. However, if the total claims, costs, and expenses are more than your contribution, Security covers the shortfall. The greater financial predictability and lower dollar threshold makes level funding a great option for your business.
Advantages of level-funding:
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Potential for cost savings with healthy employees
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Predictable monthly costs with refund opportunity
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Limited financial risk
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Protection against catastrophic expenses with stop-loss coverage
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Transparency on how dollars are spent
Our level-funded plans come with our HMO or POS network—giving your employees access to the best health care in our region.
Powerhouse provider networks
HMO network
POS network
Get more with Security
Level-funded plans include 100% coverage for unlimited Care My Way® visits. This is a convenient, easy way to get care for certain health problems without going to see a doctor. Marshfield Clinic Health System nurse practitioners are available by phone, mobile app and online to provide treatment for many common health conditions.
You’ll receive detailed monthly and quarterly reports that provide information on health care utilization, frequency, statistics, and prescription data.
Contact our Sales team at 1-800-622-7790 for details on how level-funded plans can work for your business.
Security Health Plan perks
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Virtual care clinic
Care My Way @ Work allows your employees with Security Health Plan coverage to seek care, free of charge, for minor conditions during breaks or at lunch, rather than taking time away from work for an off-site doctor’s visit.
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Convenience for your employees
Your employees get access to urgent and emergency care worldwide, a 24 hour nurse line and wellness support and health coaching.
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Wellness
Make your workplace wellness program an integration of traditional health and wellness features with advanced care management services to enhance employee health and wellbeing.
Pharmacy benefit management
Member-centric, holistic approach that’s valuable to both employers and employees