Health insurance is a widely sought-after benefit among employees, but not all policies are made the same. Sometimes, it can be hard to find a policy that fits all of your needs. Here at Beckham Insurance Group, we understand that struggle. To better serve our clients, we offer a range of options:
Fully Insured Plans
Perhaps the most traditional group health insurance policy option is the fully insured plan. With this plan, your company will pay a premium to your carrier at a fixed rate for one year based on however many employees are enrolled in the plan. The only reason the payment amount should change over those twelve months is if an employee chooses to withdraw or if the number of employees on the plan changes for any reason. Your insurance carrier will then gather all premiums and pay whichever healthcare claims are filed based on the policy you purchased with the employee paying any deductible or co-payment required.
Level Funded Plans
Level funded plans, also known as partially-self-funded plans, have been growing in popularity. While employers may take on more risk with level funded plans than fully insured plans, these plans tend to be more affordable while still offering financial predictability. These plans tend to offer greater flexibility in terms of plan design than fully insured plans as well. You might think of level funded plans as a middle ground between fully insured plans and self-funded plans.
Generally, self-funded plans are seen as the go-to option for large businesses, but smaller companies are beginning to embrace this type of insurance coverage more often as well. With self-funded plans, the full burden of plan funding and management falls to the employer. This may sound like a downside, but these plans also boast more affordable premium rates and more control over individual plans than fully insured or level funded plans.
[ When you work with Beckham Insurance Group, our expert agents are here to assist with administration to make the burden on your HR staff as minimal as possible. ]
Request a Quote
No matter which group health insurance policy you choose, Beckham Insurance Group is here to help. Our knowledgeable agents will work closely with you to assess your needs and determine the best health plan options for your business and employees. Connect with us today to learn more about our options and receive a quote.