How it Works

STEP 1:

Replace current high-cost traditional fully insured medical plan with a premium-savings HMO/PPO deductible

  • Save on premiums

STEP 2:

Deposit premium savings into a claim spending account with Benefit Advantage, a certified Third Party Administrator (TPA)

  • Savings are deposited tax-free
  • Savings are safe and secure in claims account with TPA

STEP 3:

Implement one of Benefit Advantage’s proven and easy-to-use “shared-funded” benefit plans to mirror current employer group plan benefits

  • 72% of Americans spend $500 or less annually ($42/mo) on healthcare
  • Savings used to cover benefit differential if and when claims occur, up to plan limits, then carrier pays 100%
  • Plan members can be issued a Benefit Advantage medical ID card

STEP 4:

Benefit Advantage ties everything together with expertise and proven claims processing system that is transparent to employee

  • Benefit Advantage administers and processes employee claims for the employer, with quarterly reporting

WHY IT WORKS:

  • 46% OF EMPLOYEES DON’T USE THE INSURANCE PLAN, CREATING “LOST PREMIUM”
  • 48% OF EMPLOYEES ONLY USE THE PLAN FOR AN OCCASIONAL DOCTOR VISIT OR RX
  • LESS THAN 6% OF EMPLOYEES REACH THEIR HEALTH PLAN MAX OUT OF POCKET