Funding options
Competitive payment plans that fit your budget
We provide several funding options for small and large business health plans. Funding options let you determine how much the business will pay each month for employees’ insurance costs and what administrative services will be covered.
The best option depends on your desired level of control, as well as cost and risk preferences.
Funding options:
- Fully-insured: Your business pays a fixed monthly premium. We pay the employees’ insurance claims and cover administrative services. This no-risk option comes with higher premiums.
- Shared funding: Your business pays a lower, fixed monthly premium to cover certain administrative services, such as claims processing and customer service support. You’ll pay employees’ claims through stop-loss coverage, an insurance fund that retains unspent payments for future claims. We cover claims in excess of your monthly funding limit. Stop-loss coverage keeps your costs consistent, making it a no-risk option for employers.
- Self-funding: Your business pays the lowest fixed monthly premium for plan administrative services that guide you through risk and claims management. You’ll pay employees’ claims. This option is best for businesses that want greater control over their health plans. This option has higher financial risk and may not be available for small businesses.
The size of your business may affect the availability of options.
Not sure which option to go with? We’ll help you find the best solution.
Why choose us?
Our plans give your business access to a number of unique benefits and administrative services, including:
- Broad care networks: Our statewide network includes providers throughout Michigan, and we’ll work with national and regional networks to provide access to care for employees outside the state.
- Data management: Because we administer your health plan and track all claims, we can use the data we collect to provide comprehensive benefit and utilization reports. These data reports give you a road map to control future costs and continually improve your benefit plan.
- Flexibility: We’ll make sure the plan meets your needs, and we’ll provide regular reviews and guidance throughout the life of the plan.
- Personal service: You’ll reach a dedicated account representative when you call us – not a general help line. This person will get to know your business and answer your questions personally.
- Transparency: You’ll see every dollar spent on claim payments with detailed reports always available online.
Administration
Our self-funded and shared plans are administered by ASR Health Benefits. ASR experts will assist you with health plan administration questions, such as:
- Debit card transaction processing and reporting
- Employee enrollment and communications
- Medical 1099-MISC forms
- Medical and prescription plan analysis and cost projections
- Monthly electronic claim and funding reports
- Plan documents and employee benefit booklets
- Preferred provider networks
- Stop-loss insurance, tracking and reporting
Large business funding options
HAP is here to help you build a healthy business
We know you want to offer employees competitive health plans that also work in your budget. That's why we offer businesses with 51 or more eligible employees fully insured, shared and self-funding options.
Find the funding option that suits your business needs and helps control your cash flow.
Fully insured
Our fully insured plans offer the coverage your employees need, along with the peace of mind that comes from fixed health care costs. With this option, your business:
- Pays a fixed monthly premium based on the number of employees
- Assumes no financial risk. We pay employees' claims based on the benefits of your plan
- Pays a different monthly premium only if the number of enrolled employees varies throughout the year
Self-funded and shared-funded
When you select a self-funded or shared-funded plan, you have additional input into plan designs and costs. Just decide how much you want to pay for employee insurance costs and what administrative services you need.
Self-funding
We offer self-funding for businesses that prefer even lower monthly costs with increased financial risk and greater network coverage flexibility. With self-funding, your business:
- Receives plan administration services, including guidance with risk and claims management, as well as compliance
- Benefits from an administrator who manages the health plan and administers claims
- Will receive detailed reports and have a thorough understanding of how every dollar is spent
- Has the ability to customize and design a health plan
Shared-funding
We offer shared funding for businesses with 50 or more enrolled employees that prefer lower monthly premiums with some financial risk and greater network coverage flexibility. Under this model, your business:
- Pays a lower monthly premium for only the services you need to manage the plan (for example: customer service support, claims processing and billing)
- Is directly responsible for paying employee claims. However, you may not be subject to all premium taxes under the Affordable Care Act
- Has greater flexibility and creativity in plan design
Plan administration
Our shared and self-funding plans are managed by third-party administrator ASR Health Benefits, a subsidiary of HAP. Our partnership gives your business the coverage area you need, where you need it.
Businesses benefit from the flexibility of administrative options that may include claims administration, customer service, medical and pharmacy benefit management, stop loss insurance and more.
If you want to learn more about custom health plans and pricing options, fill out this online form and we'll contact you to get started. Or you can call a HAP representative at (800) 427-7587 Monday through Friday from 9 a.m. to 4:30 p.m.
