Employers can cut costs, navigate ACA changes with new Regence self-funded health plan
PORTLAND, Ore. – If you have a company with up to 100 employees, a new health plan option can save you money, add flexibility to your benefits and give you better insight into where your premium is going.
Available on August 1, Regence’s self-funded (ASO) health plan offers companies in Idaho, Oregon, Utah and Washington:
- Added benefit flexibility;
- Avoidance of most Affordable Care Act-mandated taxes;
- Increased transparency of medical costs;
- Ability to tailor benefit designs to better meet employees’ needs;
- Exemption from many state insurance regulations.
These features are especially important to companies of 51-99 employees who haven’t felt the full force of the Affordable Care Act (ACA) rules. In 2016, the ACA expands the definition of small-group insurance to businesses with up to 100 employees. This means shifting to ACA plans with different premium structures and a broad community-based rating system rather than an employer’s own claims. Regence’s ASO option, available for the first-time to businesses with as few as 51 employees, can help avoid these fully-funded burdens.
“Self-funding can save employers money while complying with changing rules and regulations,” said Bill Bradley, vice president of product management for Regence. “For the first time, Regence is offering an ASO plan to these 51-99 employer groups to help them maximize their health care dollar.”
Regence’s ASO option includes:
- Stop loss coverage that protects employers from catastrophic costs
- Pharmacy coverage through Regence
- Quality and cost management programs
Additional buy-up options include maternity management, smoking cessation, telehealth, as well as vision, dental, complementary care and Employee Assistance Programs.
Self-funding still carries risks, and it’s advisable to check with your financial and legal experts to help you decide self-funding is a good choice. A licensed health insurance producer or Regence sales representative can provide more information.
The Regence affiliated companies serve more than two million members through Regence BlueShield of Idaho, Regence BlueCross BlueShield of Oregon, Regence BlueCross BlueShield of Utah and Regence BlueShield (selected counties in Washington). Each health plan is a nonprofit independent licensee of the Blue Cross and Blue Shield Association. Regence is committed to improving the health of its members and communities and to transforming the health care system. For more information, please visit www.regence.com.