Large Group Health Insurance

Large group health insurance is for employer groups of 50 or more employees. The main difference between large and small group health insurance is that groups under 50 generally purchase a ýfully insuredý plan, meaning that the insurance company assumes all risk, and the groups usually pay a higher premium for this assurance.

The recent trend for large groups is to assume part of the claims risk in whatýs called a Partially Self Funded Plan. The large group assumes the risk for a certain amount of claims that come in from their employees, and once that amount hits a certain point, then the Re-Insurance covers the rest of the claims for the year from there. So on a good year of low claims, a large group can save some of the money that they would have normally dumped in to premiums on a fully insured plan. Even on a bad year, they only come out as bad as they would have on a fully insured plan.

HSA (Health Savings Accounts) can also be integrated in to these types of plans, as well as HRA (Health Reimbursement Arrangements), and FLEX Flexible Spending Accounts. Most large groups are turning to these types of plans to save on their over all health care costs. In order to get a quote for this type of plan, a broker would have to be knowledgeable and know who to use as a TPA (Third Party Administrator) and know where to obtain the reinsurance.

Wyohealth.com as an agency in Wyoming has vast resources and knowledge of self-funding arrangements such as these and can get the best plan and TPA for your group.

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