Select105™

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In 1995, before "consumer-driven health care" was on the radar screens of employers, Tim Hanratty developed Select105™. This program helps organizations save money and better manage health care costs.

Employers across the country are now recognizing what Hanratty & Associates predicted nearly ten years ago. Today, the cost of health care is astronomical but the need to provide quality, affordable employee benefits while controlling costs is a reality.

Exclusive to Hanratty & Associates, 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 Employees' Beneficiary Associations (VEBAs). Employers retain control of the plan design and costs. Medical plan costs can be significantly lowered. Most of our clients have experienced a savings of 14% to 17% without compromising benefits.

How does Select105™ work?
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.

How is this different?
Select105™ shifts the risk from the insurance carrier to the employer. The real benefit is what insurance companies have always known; not all plan participants use all or even some of the benefits under the plan. With Select105™, you pay a lower premium to the insurance carrier and pay the claims as they are received. Fewer claims equate to lower costs. Select105™ clients are already realizing significant savings.

Since 1995, Hanratty & Associates has saved clients millions of dollars in premiums with Select105™. Hanratty Administrators does the administration of Select105™. This allows you have access to detailed utilization reports at any time. No longer do you have to guess at how many participants are using the plan. Our Select105™ utilization reports include statistical information regarding services, providers, costs and claims.* Your consultant and account manager will use this information to make plan design recommendations to control future costs.

In addition, Select105™ will custom design your benefit plan. Hanratty & Associates will work with employers to educate employees about becoming better health care consumers. This education is a key to a successful consumer-driven health plan. We are proud to say that every client who uses Select105™ saves money and continues to provide valuable employee benefits.

^*Select105™ is Health Insurance Portability and Accountability Act (HIPAA) privacy compliant