What is a fully-insured plan?
This is where the employer contracts with an insurance company to cover all employees and dependents and the insurance company assumes the risk. These are typically written on a one year contract and premium is level for the period of the contract. The price of your plan and any renewals are subject to the health of the groups that make up your particular pool
What types of employers is it typically right for?
Typically, employers with 100 or fewer employees choose fully insured plans because their costs can remain steady month-over-month. With a fully insured health plan, the employer pays a fixed premium set by the health insurance carrier for employee coverage. It's a great fit for employers looking for predictable costs and a hands off approach to providing employees access to standard medical care.
Main problems with fully insured plans and how NIS addresses them
There are three main problems with fully insured plans - Transparency, costs, and quality of care. We combat all of these directly by supplementing all fully insured plans (over 20 employees) with the Biomed program.
As the costs of medical care and premiums soar, Biomed serves as the preeminent way to redirect care and claims away from fully insured plans, while preventing large claims from negatively impacting a given years claims experience.
Further, Biomed provides valuable insights into your medical plan’s health with an individualized company data and research report. This personalized report offers a deep dive into the specifics of your plan, empowering informed decision-making, focusing on additional areas of potential cost savings.
The result is a fully insured plan unrivaled in transparency, cost-efficiency, and quality of care for all plan members.
Fully insured plans for the whole family
Biomed further reduces costs with its unique
tax-incentives and drug intercept program
Below is an example report all employers receive after we analyze their employee population. Employer tax savings typically average around $1,000 per employee and our unique pharmacy program ensures that all generic prescription drugs within the custom-built formulary list of about 450 drugs come with a $0 copay and a $5 copay for another 250 drugs with discount pricing on the rest of generics. The program also goes beyond conventional approaches by guiding patients to discover drug-free alternatives and leveraging lifestyle changes resulting in multiple paths to getting employees healthy and off expensive medications.
