MVP Health Care announced a new partnership with Health Plans, Inc. (HPI) to offer level-funded plans to businesses in New York. Beginning this summer, employers with more than 100 subscribers, will have access to MVP Health Care’s level-funded plan, which will offer employers an alternative to traditional fully insured or self-funded plan options.
Administered by MVP Select Care, Inc., this new option provides the best of both worlds by offering the peace of mind of a fully insured plan with the flexibility and cost savings potential of a self-funded plan.
“Health insurance is often the second largest operating cost for businesses after employee wages,” said MVP Health Care’s President and Chief Executive Officer, Christopher Del Vecchio. “This new solution will provide businesses and employees with alternative, affordable health care options, which have become more important than ever during the COVID-19 pandemic.”
MVP Health Care’s level-funded plan offers businesses greater cost control and potential savings. Companies pay one fixed monthly premium for all costs and at year-end, if claims are less than what was originally projected, the employer will receive 100% of the surplus. If claims are more than projected, the employer does not have to pay anything additional to cover the additional costs.
“We’re excited to partner with MVP Health Care to expand access to a level-funded plan for New York business owners,” said Health Plans Inc.’s President and Chief Executive Officer, Deborah Hodges. “Partnering with MVP Health Care came naturally, as we are both continuously working to find innovative approaches to improve the health and well-being of our communities and members.”
