Alternative Funding Solutions
Rather than providing coverage for conditions that an employer’s respective state mandates but may never exist within their workforce, alternative funding solutions are designed to give employers the flexibility to design a health plan that fits
their employee/member populations needs. For example if the employer’s population has a high number of diabetics, or employees with high blood pressure, these conditions can be covered 100%. Also, if an employee population is comprised of young, single, healthy men there’s no mandated requirement to cover bariatric surgery (weight loss) or infertility treatments.
In essence, alternative funding solutions cover costs of health care that employees actually receive – not care they might receive. Yet alternative funding is flexible enough to allow employers to change plan provisions when required.
Benefits of Alternative Funding Solutions
- Exemption from ERISA rules and regulations
- Exemption from state health benefit regulations and taxes
- Full control over the types of benefits that are provided
- Cost savings of up to 30%
Strategies for Implementing Successful
New Millennium Health Care will guide you through the entire needs assessment process in order to design the optimum solution for your company and your employees. We recommend the following strategies:
- Perform claims and demographic assessment in order to determine the nature and volume of employee health claims.
- Understand your cash flow to ensure that sufficient monies are always available to pay claims
- Evaluate stop-loss-insurance options to protect against costly claims
- Assess administrative options to determine whether the plan can be administered in-house or via a third party
- Determine benefits coverage preferences such as covered/excluded benefits, employee cost-sharing, policy limits, and retiree benefits
- Create a program monitoring plan
