SCHENECTADY, N.Y. — MVP Health Care this summer plans to offer New York employers with more than 100 subscribers a product it’s calling a “level-funded” plan.
Level-funded plans offer employers “an alternative to traditional fully insured or self-funded plan options,” MVP said.
Under the level-funded plan, companies pay one fixed monthly premium for all costs and at year-end, if claims are less than what was originally projected, the employer will receive “100 percent of the surplus.” If claims are more than projected, the employer does not have to pay anything additional to cover the additional costs, per MVP.
(Sponsored)
In the Market to Build? Get Started in 4 Simple Steps
Finding the perfect home isn’t always easy, especially in our world today. The U.S. Housing Shortage has created an ongoing challenge for homebuyers across the nation, opening the door to
Ask the Expert: Investing in the Future with Registered Apprenticeship
In today’s competitive job market, finding and retaining top talent can be incredibly challenging. For companies, Registered Apprenticeship is an investment not only in its employees but in its future.
Administered by MVP Select Care, Inc., this new option combines the financial safety and predictable cash flow of fully funded plans with the cost savings, customization, and detailed reporting possible with self-funded plans, MVP Health Care says.
MVP will offer the plans through a partnership with Westborough, Massachusetts–based Health Plans, Inc. (HPI).
“Health insurance is often the second largest operating cost for businesses after employee wages,” Christopher Del Vecchio, president and CEO of MVP Health Care, said in a release. “This new solution will provide businesses and employees with alternative, affordable health care options, which have become more important than ever during the COVID-19 pandemic.”
This new level-funded plan benefits include options to help employees support a healthy lifestyle such as $0 telemedicine services and “dedicated onsite well-being support” for employees, the health insurer said.
Schenectady–based MVP Health Care operates a Syracuse office at 333 West Washington St., an Endwell location at 3660 George F Highway, and an office at 421 Broad St. in Utica, per its website.
