There's More to Self-Funded Health Plans Than Saving on Administrative Costs
We aren’t just another third-party administrator — we’re part of your crew.
We handle the administrative services you’d expect from a TPA such as claims processing and employee benefits management, but we value building meaningful partnerships with brokers and clients, serving as a steward to manage financial risk and improve health trends. We share your goals: to provide strong, flexible benefit plan options and apply cost management strategies to take control of medical claims spend and improve health outcomes.
And, we don’t let you go it alone. We partner with best-in-class vendors to help our clients maximize their plan performance. We'll help you manage health care costs and employee contributions.
"From the beginning of our relationship with Nova, we have been impressed with the level of knowledge around self-funded health plans, stop loss insurance, reference based pricing, repricing vendors and general implementation."
- Ash Group, LLC
Why Choose Self-Funding?
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. Most plans elect to partner with a third-party administrator (TPA) for administrative services, medical management support, reporting and holistic health plan performance management. Nova works with third-party stop loss insurance carriers to protect plan sponsors from high-cost claimant exposure. It's possible to provide quality employee benefits while also managing employee contributions and overall cost.
How do Self-Funded Plans Work?
Your situation is unique - your health plan solution should be too. In a self-funded arrangement, employers customize their plan designs to meet the specific health care needs of their employees following federal regulations. This eliminates the need to manage plan offerings based on state mandates. The addition of stop loss insurance protects plans from catastrophic medical claims. Still on the fence about making a switch to self-funding? Make the process work for you and be sure you're asking third-party administrators the right questions...we can help. Check this out!
Funding Options & Financial Risk
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 claims expenses as they are incurred by members on an established schedule. Most plan sponsors purchase stop loss insurance to mitigate risk. Nova parters with best-in-class stop loss vendors to support our clients' plan needs. Want to learn more about the funding process? Take a peek at this infographic.
- Slide 2 - by industry
- Slide 4 - by plan type
- Slide 3 - by region
- Slide 1- by firm size
Nova's Level Funded Plans
Looking for a sustainable solution to the rising cost of health care for small business? Level funded plans are a great option to mitigate financial risk and control cost for medical benefits. Our unique level funding product provides control, flexibility, and savings on medical claims bridging the gap between a fully-insured and a self-funded plan. Bonus: with Nova's level funded solution, 100% of excess claims funding can be returned to the plan.