Page 34 - South Florida Hospital News Nov 2021

AROUND THE REGION
TM

Level-funded Health Plans

I just returned from health plan to self-fund- the end of the plan year in the form of a fully-insured plans and quotes can often
MJBizCon, the largest ing can seem daunting for refund to the employer for lower claims or be obtained within hours whereas level-
cannabis conference of the smaller employers. The a premium increase on the stop-loss insur- funded plans require employees to com-
year. This year, I heard from good news is that there is ance renewal for higher claims. Stop-loss plete a medical questionnaire and have
dispensary owners across the a hybrid solution called coverage is an essential part of this deadlines for submission. It’s also impor-
country that many haven’t level-funded health plans arrangement because it limits an employ- tant to have an accurate census when
been quoted level-funded for employers that want er's financial responsibility for claims over quoting because a census change can dras-
health plans. It’s open enroll- to move away from fully a certain amount, either on a per-employ- tically alter the rates. If this is an option
ment — a time many business insured health care but ee basis or for the entire covered popula- you’re interested in for January 1, you
owners are reviewing their are not yet ready to com- tion. should be looking at your options now.
health plan options — so I pletely self-insure. Some carriers offer fully customizable As always, please feel free to reach out
thought this would be a good Without going into too benefits. It is possible to create copays for with any questions. I have helped employ-
time to discuss these. I spoke BY SUMMER much detail, they look lab and x-ray, emergency room visits, and ers design employee benefits packages
to several dispensaries WESTERBUR like a fully-insured health more. In the fully-insured market, these since 2004.
whose benefits were offered plan to the employee. are frequently applied to a member’s
through a payroll company. They are fre- Your broker can help you design copays deductible, so level-funded health plans Summer Westerbur, founder of Kairos
quently limited to a few fully-insured for doctor visits, pharmaceuticals, and allow us to customize an employee bene- Insurance Group, is experienced in all types
plans and lack the ability to shop the other benefits. With a level-funded plan, fits package to fit the employer’s needs. of insurance including employee benefit pack-
market. It’s important to have an inde- an employer pays a health carrier the Wellness plans and teledoc visits can be ages, product liability, general liability, profes-
pendent health broker who has access to same monthly amount to cover the esti- included with these plans. sional liability and building insurance. Kairos
all plans, especially considering today’s mated cost for expected claims, the pre- Level-funded plans are more complicat- also has expanded to include a Cannabis
health insurance premiums. mium for stop-loss insurance that covers ed to quote and set up, but they can offer Division to address the unique challenges fac-
Level-funded health plans were histor- health care costs over a set dollar amount, a multi-year strategy rather than shopping ing the cannabis industry and its employees.
ically offered to large businesses; today and plan administration costs. If total rates at renewal every year. Carriers will For more information, contact
carriers offer plans to employers with ten claims costs are higher or lower than often accept fully-insured group applica- Summer@kairosinsurancegroup.com
employees. Moving from a fully insured expected, the carrier makes adjustments at tions through the last day of the month for or call (719) 331-1832.

34 November 2021 cannabisnewsflorida.com Cannabis News Florida