Burlington, VT—October 1, 2020— Today, MVP Health Care announced a new partnership with Health Plans, Inc. (HPI) to offer a first of its kind, level-funded plan to businesses in Vermont. Beginning January 1, 2021, employers with more than 50 employees 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 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 receives fifty percent 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 Vermont 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.”
This new level-funded plan provides businesses with the customization and detailed reporting of self-funded plans and the financial safety and predictable cash flow of fully insured plans. Innovative benefits include telemedicine services from the emergency room to behavioral health and physical therapy, to dedicated onsite well-being support for employees.
For more information on MVP Health Care’s level-funded plan visit: mvphealthcare.com/shopLF.
About MVP Health Care
MVP Health Care is a nationally recognized, not-for-profit health insurer caring for members in New York and Vermont. Committed to the complete well-being of our members and the communities we serve, MVP makes health insurance more convenient, more supportive, and more personal. For more information visit www.mvphealthcare.com or on Facebook, Twitter, Instagram, and LinkedIn.
As a leading national third-party administrator, HPI partners with health plan brokers and employers to provide innovative self-funding strategies and customized plans tailored to each client’s needs and population. HPI’s solutions give employers greater cost transparency and control, while elevating the member experience. HPI is a Harvard Pilgrim company. For more information visit: www.healthplansinc.com
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