Your first question is probably where do the health care costs that are paid in really go? Traditionally, for plans that are fully insured, all of the costs are paid to the insurance company, leaving them in control of the money spent.
For the MHP, some of the money goes into the daily administration of the plan, but most is used to fund the claims account. If the claims end up being lower than expected for a year, the difference between the anticipated and actual are then put back into the plan for the benefit of the members.
YOUR HEALTH CARE FEES GO TOWARDS
If the MHP has higher-than-expected claims, stop-loss insurance kicks in to protect the plan.
This is the money used to pay claims incurred during the coverage period.
These cover the cost of managing claims payments, accounting, customer service, and more.
In addition to the medical benefits of the MHP, you will also have the opportunity to add additional ancillary products that in many cases allow rate and participation concessions. Additional costs will apply.
Our goal is to streamline the entire HR, benefits, and payroll process so that it is as efficient and painless as possible. Our platform is intuitive and easy to use for employees, HR Managers, and Administrators alike.
The MHP offers multiple plans that can be paired with an HSA. When combined with a high-deductible health plan, the pair offers savings and tax advantages that a traditional health plan can not duplicate.