We aren’t just another third-party administrator — we’re part of your crew. We handle the services you’d expect from a TPA such as claims processing and employee benefits management, but we also work to build partnerships with brokers and clients. We share your goals: to provide a strong benefit offering and apply cost management strategies to take control of medical spend. And, we don’t let you go it alone. We partner with best-in-class vendors to help our clients maximize their plan performance.
What is a Self-Funded Health Plan?
As health care costs continue to rise, employers are evaluating how to provide quality employee benefits while also managing cost trends. Self-insured plans allow your company the flexibility to design a plan that fits your unique needs and the opportunity to take greater control of your health care dollars.
Self-Funded vs. Fully-Insured
With fully-insured employee benefit plans, employers pay a predetermined premium for each enrollee on a monthly basis; that premium is paid whether or not enrollees actually receive services. With self-funded plans, an employer applies a pay-as-you-go approach, paying the claims expenses as they are incurred by the enrollees on an established schedule. At Nova, we understand the value of this model and guide our clients to improved health outcomes while optimizing savings.
There’s more to self-funding than saving on administrative costs.
It also offers benefits such as:
- Information Management: Comprehensive and transparent utilization data allows you to make informed decisions and plan changes to recognize savings sooner.
- Customized Plan Design: Tailored plans that meet your needs allow for modifications as your employees’ needs change, even outside of your renewal cycle.
- Control: Build a consistent plan for employees nationwide avoiding niche requirements based on state mandates.
- Cut Costs Without Cutting What’s Important: In a self-funded arrangement, employers have the opportunity to increase benefits while decreasing costs.
Level Up with Us!
Looking for a sustainable solution to the rising cost of health care for small businesses? Our unique level funding solution provides control, flexibility and savings without typical self-funding concerns.