Fully Funded Plans

Products

Hanratty & Associates has helped many small and large group employers in understanding how fully funded plans will impact them and their employees. Also referred to as traditional health insurance, fully funded plans had been the norm among employers for years.

A fully funded plan will provide your employees and their dependents with the flexibility to choose doctors, hospitals and healthcare providers. However, fully funded plans can be expensive to employers. The cost of these more traditional plans can be higher than other plans. As an employer, you pay the entire premium no matter how many claims are submitted and regardless to how much the insurance carrier pays-one dollar or thousands of dollars.

Fully funded plans are subject to state regulation, and depending on the number of eligible members in the group, must adhere to certain laws. Hanratty & Associates is always available to update you about state and Federal law changes and regulations that will impact your health plans.

Select105™ and Fully Funded Plans
Hanratty & Associates' Select105™ program is designed to work well with fully funded plans. The Select105™ is a consumer-driven plan design that works with a variety of carrier policies. Plans are custom designed to administer multiple medical and dental plan options including Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and Voluntary Employee Benefits Associations (VEBAs). Employers retain control of the plan design and costs. This reduces medical plan costs. Most of our clients have experienced a savings of 14% to 17% without compromising benefits.

Using Hanratty & Associates' Select105™ program, you are able to offer your employees a high deductible/out-of-pocket fully insured plan instead of a low deductible/out-of-pocket fully insured plan. As the employer, you fund the gap in plan coverage between the old and the new fully insured plans. Because you can retain your existing insurance policy and carrier, employees don't even see a change.