Avizent, a national claims and risk management service provider, has launched Benefit Re, a new health benefit captive program for self-funded employers designed to cover excess insurance costs.
The company said that the new health benefit captive program offers employers the potential for enhanced freedom and flexibility in their benefits, and cost savings on premiums for excess insurance. It is available to employers with 50+ employees and a minimum of $25,000 retention in their health plan.
According to Avizent, the program helps employers to maximize their savings and encourage those who are not self-funded to consider the option. It covers various expected and unexpected losses. In the event of unexpected loss, such as a high cost transplant or high risk pregnancy, it would cover the amount over the selected self-insured retention amount, which can range from a minimum of $25,000 to $150,000.
Rick Stasi, COO of Avizent Alternative Risk, said: “We listened to our clients and to the market, and we understand that there is a real need for programs that help defray the cost of health benefits. Many employers like the flexibility and cost savings of self-funded programs, but have been concerned about the financial risk. Our program provides the coverage and protection employers of all sizes need to enter the self-funded market.”