Participating organizations Valenz Health, 6 Degrees Health, HealthWallet, ScoutRx, The Phia Group, CieloStar, PHCS and BPA will collectively roll out the program
Benefit Plan Administrators (BPA) announced the launch of a new, unprecedented opportunity for employer savings in the health benefits market. In response to the economic impact of COVID-19, several of the nation’s top health vendors have come together to deploy a self-funded healthcare and benefits solution for new groups who are currently fully-insured. Known as the Self-Funded Business Initiative (SFBI), this plan offers a unique self-funded adoption opportunity with a deferred or waived financial cost to increase cash-flow and stimulate economic growth.
Participating organizations Valenz Health, 6 Degrees Health, HealthWallet, ScoutRx, The Phia Group, CieloStar, PHCS and BPA will collectively roll out the program on May 1. The plan offers deferred or waived service fees for up to three months for eligible member groups following the new business anniversary date.
SFBI will operate as an LLC formed by some of the nation’s top health plan advisors: DC Advisory LLC, Stautberg Benefit Advisors, Prosperity Benefits, and AMR Benefits who are partnering with leading stop-loss providers East Coast Underwriters to ensure the viability and success of this novel program.
With fully-insured groups expecting significant rate increases on renewals in 2020 and 2021, SFBI’s founders point to this approach as a potential solution for all fully-insured groups as an added stimulus and optional recovery opportunity.
“The SFBI partners are pleased to announce this innovative program,” said Morris Masinter, President of BPA and SFBI co-founder. “With projections showing upcoming high rates for fully-insured renewals, our plan is a smart move for employers to retain control of their benefit spend, even in the face of hardships caused by the devastating coronavirus pandemic.”
Fully-insured groups of 5–5,000 lives in all industries, single or multi-state, public or private entities, will have the option to work in co-advisory arrangement with their current broker and SFBI. Participants can expect customized solutions for their benefit needs and should speak with their broker to learn more about the opportunity. More information on eligibility criteria, as well as webinars and educational seminars around the program, will follow.
Source: Company Press Release