SCHENECTADY, N.Y. — Beginning this summer, MVP Health Care will offer “level funded” insurance plans to employers with more than 100 subscribers, or health-plan participants. Level-funded plans offer employers “an alternative to traditional fully insured or self-funded plan options,” MVP said. MVP will start offering the plans July 1, director of public relations at MVP […]
SCHENECTADY, N.Y. — Beginning this summer, MVP Health Care will offer “level funded” insurance plans to employers with more than 100 subscribers, or health-plan participants.
Level-funded plans offer employers “an alternative to traditional fully insured or self-funded plan options,” MVP said.
MVP will start offering the plans July 1, director of public relations at MVP Health Care, tells CNYBJ in an email.
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.
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’s
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.