Page 5 - Precision Health Plans - Brochure 2024

Precision Health Plans Precision Health Plans

PRECISION SERIES HEALTH PLANS VALUE PROPOSITION ADMINISTRATIVE ADVANTAGES

These health plans are designed on a self-funded platform, which is regulated under less The Precision Series provides you full administrative services, including customer
burdensome Federal regulations enabling us to provide maximum design flexibility, service, COBRA administration and billing as applicable, online access to benefits and

cost controls and unique advantages. reporting, our exclusive SmartCare Network, and full optional and automated HRA
and/or FSA administration, all in one place.
Each month, you will be billed for all eligible plan costs including administration,

insurance, claims funding, and commissions (which can vary based only upon
enrollment). Your stop-loss protection extends beyond the end of your plan to allow EMPLOYER REQUIREMENTS
for the settlement of claims incurred but not yet reported during the actual plan year.

All of these extended plan costs are included in your monthly funding, so there is no Contributions: The employer must contribute at least 50% of the cost of the
need for added costs when you change to another plan or when you renew. See your least expensive plan (excluding MEC Preventive Only) in order to qualify.

proposal for details. Group’s Domicile: Precision Series is available in most states subject to state
stop-loss regulations.
Any claims funding that remains in your account at the end of your contract is returned
to you in FULL*. Rates: Precision Series rates are guaranteed for one year, but have minimum
requirements and provisions for significant census changes, or acquisitions during

* Early termination will cause forfeiture of any unused claims funds to offset administrative costs. the contract year. Refer to the stop-loss contract for details. The Precision Series
provides a return of 100% of unused claims funding at the end of the contract

period. In the event of early termination, these funds will be forfeited, coverage

PRECISION SERIES HEALTH PLANS GENERAL GUIDELINES may be terminated, and additional fees may apply.

Minimum Participation: Broker of Record (BOR): Policies for BIC’s Precision Series include certain
➢ Less than 51 lives enrolled for medical: 75% requirements. BIC reserves the right to approve or deny any BOR change.

➢ 51+ lives enrolled for medical: 60% Notifications: Employers are required to notify the administrator promptly

An employee is eligible for coverage if working full-time for the employer on a regular whenever an employee or dependent status change occurs. Coverage additions
basis for 30 hours or more per week (details in your SPD). All eligible employees not and terminations cannot be executed retroactively. Failure to notify on a timely
covered under another qualified plan are included in the calculation of participation. basis may result in loss of coverage or claims denial. Please review Summary Plan
Description for detailed eligibility requirements.
For Example:
➢ 38 Full-Time Employees; In all cases, we reserve the sole and exclusive right to authorize a broker to represent

➢ 7 of those Employees have coverage on their spouse’s/parent’s plan OR are these products. We reserve the right to change and/or make exceptions to the Guidelines
covered in the exchange; from time to time. Please consult with your representative for details as they pertain to

➢ 31 Employees remaining x 75% = 24 Employees Must Enroll (rounded up from 23.25). your group size and enrollment.

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