Assurance Benefits Group offers both small (2-50 employees in SC), and large employer (51+ employees in SC) group health plans that are licensed in South Carolina.
These plans can be either fully Insured or partially self insured with Specific stop loss insurance for any one large claim exceeding the specific deductible typically $25,000 to $100,000 depending on the number of employees coverage by the plan. Additional stop loss insurance called aggregate stop loss puts an overall dollar limit on the amount of claims the employer is responsible to pay for (all employees and dependents) that are under the the specific stop loss amount selected.
Companies with 2-50 employees typically will select a fully insured ACA compliant Metal level plan issued through a licensed insurance company on a guarantee issue basis with limited underwriting. However employers with 100 or more employees will consider both fully insured (no claims risk) and partially insured plan types, in hopes their claims and administrative expenses of this type plan are less then the premiums of a fully insured plan, thus saving the employers plan money in the long run.
Having said all that, smaller employers down to approximately 25 employees are now considering a new hybrid plan type called level funded self funded in hopes of getting a premium refund at the end of the year (settled 2 to 3 months after year end) if claims are less then expected during the plan year.
In conjunction with either of these plan funding types we can incorporate tax efficient account strategies, such as employer funded health reimbursement accounts (HRA) healthcare flexible spending accounts (FSA) and Health Savings accounts (HSA) to pay for employees out of pocket costs. Without these account strategies, employees often times struggle to pay these out of pocket expenses with post tax dollars.
No matter if your firm is a small or large employer we have the tools and expertise to deliver a health plan solution strategy that will meet the needs of the employees and as well as be in compliance with all the state and Federal regulations affecting health insurance plans today.