The Boon Group, Inc. Announces New Self-Funded Insurance Product
Austin, TX – June 4, 2014 - The Boon Group® announced today a new self-funded medical benefit plan to help employers reduce costs and encourage employees to become more engaged in their own health care. Called the Contractors 2020Choice Plan, the plan offers a simple yet comprehensive approach to resolve issues faced by employers such as rising premiums and claims, and ineffective network discounts. As the cost of health care continues to soar, more employers including The Boon Group are turning to self-funded plans as an alternative to fully insured plans. “With almost 250 employees, our health care costs were in need of adjustment and alignment with a reasonable rate of inflation. Over the years, compounding medical inflation was making our medical plan unaffordable to our employees. Our plan today encourages a direct relationship between the insured, the provider and the plan to deliver the best possible outcome for all. We expect savings to be in excess of 25 percent over our previous networked PPO plan,” says Boon Group President and Chief Operating Officer James Patton.
By using the Contractors 2020Choice Plan, employers are able to:
- Reduce claims costs significantly through reference based* pricing while giving a fair reimbursement to providers a higher percentage than Medicare.
- Eliminate PPO costs and risks.
- Receive customized plan documents along with legal support and industry-preferred recovery services.
- Reduce premiums and factors for stop loss coverage by 20-40 percent.
- Provide affordable coverage to all full time, part time and/or seasonal employees, and their eligible dependents.
- Eliminate Rx generic copays.
- Provide coinsurance up to 100 percent.
In a self-funded benefit plan, the employer pays for their own medical claims directly, while a third-party administrator (such as Boon Administrative Services, Inc.) administers the health plan by processing the claims, issuing ID cards, handling customer questions and performing other tasks. The Contractors 2020Choice Plan is supported by administrative services, which also include a patient advocate who serves as a liaison between plan participants and providers.
“We use the Contractors 2020Choice Plan for our own employees not only for the cost benefit, but to allow our employees to become advocates for their own health care. When employees can see where each dollar is going, they become more aware of their health care spending and become their own best advocate,” says Boon Group Vice President of Finance Kathy Sullivan.
To find out if the Contractors 2020Choice Plan is a good fit for you, visit www.boongroup.com or contact Grant Elam at firstname.lastname@example.org.
*Reference based “reasonable and appropriate” amounts may be determined and established by the Plan, at the Plan Administrator’s discretion, using normative data such as, but not limited to, the fee(s) which the Provider most frequently charges the majority of patients for the service or supply, amounts the Provider specifically agrees to accept as payment in full through direct negotiation, average wholesale price (AWP) and/or manufacturer’s retail pricing (MRP), the prevailing range of fees charged in the same “area” by Providers of similar training and experience for the service or supply, and/or 140 percent of Medicare reimbursement rates. A rate of 140 percent of Medicare is generally considered to be the maximum payable rate; however, the Plan Administrator may, in its discretion, taking into consideration specific circumstances, deem a greater amount to payable.
About The Boon Group, Inc.
The Boon Group® is the parent holding company of The Boon Insurance Agency, Inc., Boon Administrative Services, Inc. (formerly named CEBA®), Boon Insurance Management Services, L.P., Boon Investment Group, Inc., Health & Welfare Benefit Systems, Inc. and Healthy Achievers, Inc. The Boon Group® was formed to enhance the position of these companies as a wholesaler of exclusive products and services. With more than three decades of experience in providing products and services, The Boon Group has evolved into a national enterprise, becoming an industry leader in providing affordable benefit solutions to government contractors.
Boon Group Services
• Help contractors reduce costs
• Design and implement benefit packages that serve contractors and their employees
• Provide reliable and accurate compliance reporting
• Simplify the administration of benefits plans
• Deliver excellent customer service
• Online employer and employee suite of tools
• Enrollment and plan management updates
• Government focused in-house general counsel
• Proprietary enrollment system for web-based, telephone and paper enrollments
• HRA administration with HRA debit card
• Registered Investment Advisor offering open architecture retirement plans
• Nationwide provider of worksite wellness programs delivered onsite