Level funded health insurance is an increasingly popular choice for small and medium sized businesses seeking to gain control over their health insurance spending. For groups accustomed to fully insured health plans, the switch to level funding can offer greater transparency and the possibility of savings. With level funded insurance, groups pay a fixed monthly fee to the insurance carrier (just like they would with a fully insured health plan). The carrier then sets funds aside in an account to cover health insurance claims for the business over the course of the contract term (e.g., 12 months). Aside from the predictability of costs with level funded insurance, one of the key benefits of such plans is that groups can receive a refund at the end of the contract term based on their claims performance.
Level funded insurance is growing in popularity — according to the Kaiser Family Foundation, in 2020, 31% of small firms were using level funded or self funded health insurance. The expanding market for level funded plans means there are more providers and options for companies and brokers to explore than ever before, so it’s important to understand the different features of the various policies and products now available. In this blog post, we lay out what differentiates Radion Health’s Level Funded Plus from other options in the marketplace. Level Funded Plus isn't the right option for all groups and our goal is that this blog post will help in your due diligence as you consider your options.
Level Funded Plus is Radion Health’s approach to level funded health insurance for small groups. Here are some of the main features of Level Funded Plus:
We know that Level Funded Plus is not the best option for all groups but we believe it is a great option for many small and medium sized businesses. If you are interested in submitting a group for quoting, you can do so at our website here.
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