COLUMBUS, Ohio, Feb. 23 /PRNewswire/ -- National claims and risk management service provider Avizent announced today the creation of an innovative health benefits captive program for self-funded employers.
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The program, called Avizent Benefit Re, is designed to cover excess insurance costs, and is available to employers with 50+ employees and a minimum of $25,000 retention in their health plan. It offers employers the potential for more freedom and flexibility in their benefits, and significant cost savings on premiums for excess insurance.
Captives and self funding arrangements are options usually limited to Fortune 500 companies and large employers. Avizent, which has offered group and risk sharing services for more than 13 years, has developed this new health benefits captive program to help a wider range of employers maximize their savings and encourage those who are not self-funded to consider the option.
"We listened to our clients and to the market, and we understand that there is a real need for programs that help defray the cost of health benefits," noted Rick Stasi, Chief Operating Officer for Avizent Alternative Risk. "Many employers like the flexibility and cost savings of self-funded programs, but have been concerned about the financial risk. Our program provides the coverage and protection employers of all sizes need to enter the self-funded market."
Excess insurance provides coverage for additional costs that may occur within an employer's health benefits. Avizent's program covers a range of expected and unexpected losses. In the event of an unexpected loss, such as a high cost transplant or high risk pregnancy, the excess captive would cover the amount over the selected self-insured retention amount, which can range from a minimum of $25,000 to $150,000. Also, the captive program provides aggregate excess protection for all claims over 125% of the expected losses.
Offering ways to help employees improve their health and manage costs are key factors in the success of a self-funded program. Employers who provide wellness programs and reduce losses could not only save on their self funding premiums, but can also receive back up to 70% of their excess premium dollars paid to the captive by way of program dividends.
Avizent's Alternative Risk team has more than 30 years of experience designing successful captive programs for employers in a variety of industries. For the new health benefit captive, they will work with leading national excess carriers, which will provide actuarial services and pricing, and carry the risk. The program allows clients the flexibility to work with third party benefits administrators and networks of their choice.
About Avizent
Avizent, based in Columbus, Ohio, is one of the fastest growing national risk management service providers. They offer claims management, medical managed care, alternative risk options and RMIS technology. The company has offices in 40 locations across the United States. For additional information, visit the Avizent website at www.avizentrisk.com or call 888-646-9675.
SOURCE Avizent
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(Logo: http://www.newscom.com/cgi-bin/prnh/20100216/LA54364LOGO)
The program, called Avizent Benefit Re, is designed to cover excess insurance costs, and is available to employers with 50+ employees and a minimum of $25,000 retention in their health plan. It offers employers the potential for more freedom and flexibility in their benefits, and significant cost savings on premiums for excess insurance.
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Captives and self funding arrangements are options usually limited to Fortune 500 companies and large employers. Avizent, which has offered group and risk sharing services for more than 13 years, has developed this new health benefits captive program to help a wider range of employers maximize their savings and encourage those who are not self-funded to consider the option.
"We listened to our clients and to the market, and we understand that there is a real need for programs that help defray the cost of health benefits," noted Rick Stasi, Chief Operating Officer for Avizent Alternative Risk. "Many employers like the flexibility and cost savings of self-funded programs, but have been concerned about the financial risk. Our program provides the coverage and protection employers of all sizes need to enter the self-funded market."
Excess insurance provides coverage for additional costs that may occur within an employer's health benefits. Avizent's program covers a range of expected and unexpected losses. In the event of an unexpected loss, such as a high cost transplant or high risk pregnancy, the excess captive would cover the amount over the selected self-insured retention amount, which can range from a minimum of $25,000 to $150,000. Also, the captive program provides aggregate excess protection for all claims over 125% of the expected losses.
Offering ways to help employees improve their health and manage costs are key factors in the success of a self-funded program. Employers who provide wellness programs and reduce losses could not only save on their self funding premiums, but can also receive back up to 70% of their excess premium dollars paid to the captive by way of program dividends.
Avizent's Alternative Risk team has more than 30 years of experience designing successful captive programs for employers in a variety of industries. For the new health benefit captive, they will work with leading national excess carriers, which will provide actuarial services and pricing, and carry the risk. The program allows clients the flexibility to work with third party benefits administrators and networks of their choice.
About Avizent
Avizent, based in Columbus, Ohio, is one of the fastest growing national risk management service providers. They offer claims management, medical managed care, alternative risk options and RMIS technology. The company has offices in 40 locations across the United States. For additional information, visit the Avizent website at www.avizentrisk.com or call 888-646-9675.
SOURCE Avizent
