The Boon Group has released a new self-funded medical benefit plan to help employers reduce costs and encourage employees to become more engaged in their own health care.
Called the Contractors 2020Choice Plan, the plan offers a simple yet comprehensive approach to resolve issues faced by employers such as rising premiums and claims, and ineffective network discounts.
As the cost of health care continues to soar, more employers including The Boon Group are turning to self-funded plans as an alternative to fully insured plans.
"With almost 250 employees, our health care costs were in need of adjustment and alignment with a reasonable rate of inflation. Over the years, compounding medical inflation was making our medical plan unaffordable to our employees. Our plan today encourages a direct relationship between the insured, the provider and the plan to deliver the best possible outcome for all. We expect savings to be in excess of 25 percent over our previous networked PPO plan," says Boon Group President and Chief Operating Officer James Patton.
By using the Contractors 2020Choice Plan, employers are able to:
Reduce claims costs significantly through reference based* pricing while giving a fair reimbursement to providers at a higher percentage than Medicare.
Eliminate PPO costs and risks.
Receive customized plan documents along with legal support and industry-preferred recovery services.
Reduce premiums and factors for stop loss coverage by 20-40 percent.
Provide affordable coverage to all full time, part time and/or seasonal employees, and their eligible dependents.
Eliminate Rx generic copays.
Provide coinsurance up to 100 percent.
In a self-funded benefit plan, the employer pays for their own medical claims directly, while a third-party administrator (such as Boon Administrative Services, Inc.) administers the health plan by processing the claims, issuing ID cards, handling customer questions and performing other tasks.
The Contractors 2020Choice Plan is supported by administrative services, which also include a patient advocate who serves as a liaison between plan participants and providers.
"We use the Contractors 2020Choice Plan for our own employees not only for the cost benefit, but to allow our employees to become advocates for their own health care. When employees can see where each dollar is going, they become more aware of their health care spending and become their own best advocate," says Boon Group Vice President of Finance Kathy Sullivan.