Have the health benefit options available to your business become limited and unaffordable? You're not alone. Many businesses, especially those with 50 or less employees, are being unfairly penalized by the system. Gravie’s Private Marketplace for Group Plans was created to provide employers and employees a better option. This level-funded approach helps manage health insurance expenses without sacrificing quality of coverage. This blog post provides a summary of this employe benefits approach and why it may be a good ﬁt for your business. [Download a printer-friendly version.]
Gravie’s Private Marketplace for Group Plans offers a level-funded approach to employee benefits, which means it allows employers to self-insure, but pay a level or steady fee each month, without any liability beyond that. At the end of the year, if the amount paid in fees exceeded the amount paid in claims and expenses, the employer may be eligible to receive a claims refund. This approach to benefits offers cost control for employers and expanded choice for employees.
How it Works
Employers use a deﬁned contribution strategy to offer additional, tax-free income to their employees that can be used to purchase health insurance. Employees access Gravie’s Private Marketplace for Group Plans to purchase a plan that meets their budget and coverage needs. There are eight cost-friendly plans available ranging from comprehensive to catastrophic coverage. All eight plans provide access to broad, national networks.
- Defined contribution allows employers to control costs
- Claims refund opportunity for employers
- Cost-friendly plans for employees
- Eight plan designs for employees to choose from
- Employees get access to smart tech, human touch offerings - Gravie Care & web-based benefits management tool
Things to Consider
- Employer has responsibilities as the plan sponsor
- Underwriting may be involved to provide quotes
- Employees no longer qualify for government subsidies
- Group plan rules apply to defined contribution
Things to Know
- A specified percentage of eligible employees must participate:
- Small employers (50 or fewer employees) must have at least 75% participation net of (eligible) waivers
- Large employers (more than 50 employees) must have at least 50% participation net of (eligible) waivers
- Employers are required to contribute a minimum dollar amount towards the cost of their employees’ plans:
- 50% of a benchmark Bronze plan’s premium (for the employee only)
- There is a minimum number of employees an organization must have to participate:
- 25 eligible employees with a minimum of 15 enrolled
How does Gravie help employers provide better beneﬁts?
When employers partner with Gravie to provide beneﬁts, they get support determining which approach to take based on their budget, goals and employee demographics. Gravie relieves employers of many of the administrative and compliance hassles often faced when providing traditional group health beneﬁts.
With Gravie, your employees get access to our intuitive, web-based platform to shop for, enroll in and manage their beneﬁts and they also get Gravie Care. Gravie Care is access to year-round beneﬁts support from our licensed, expert advisors. Whether your employees need help choosing the plan that’s best for them, or whether they need help using their beneﬁts throughout the year, Gravie advisors are here to help.
Gravie provides a smart tech, human touch approach to beneﬁts that employers and employees love.
To learn more about whether the Gravie Private Marketplace for Group Plans or if one of Gravie's other solutions is right for your business, contact Gravie today. You can also join our webinar on Tuesday, April 17 at 12 p.m. CT. Register here.
Webinar: Expanding Choice & Affordability - Gravie's Private Marketplace for Group Plans
Tuesday, April 17 at 12 p.m. CT