VERIS: An employer’s best friend.
Many employers have caught on to the myths that are associated with fully-insured health plans and realize that the fully-insured market has become a game of musical chairs with groups chasing a one-year perceived rate “deal” and buying into the illusion of safety.
So, what can groups actually do to get out of the fully-insured cycle? Self-funding is a great option, but for the small to mid-market segment, self-funding may seem unattainable. With the rising cost of healthcare and prescription drugs, the issue of cash flow could bankrupt a smaller group if they face a “bad” year of claims. Not to mention, all of the DOL requirements and compliance materials can become an administrative nightmare. This is where VERIS becomes an employer’s best friend!
Offering the protection of fully-insured plans and the flexibility of self-funding, VERIS gives groups a way to experience the benefits of self-funding, with a little help along the way. VERIS groups will benefit from the consortium model when they gain access to an extra layer of protection through stop loss coverage at a lower cost than they could receive on their own. VERIS groups also gain access to a team of compliance analysts and experts at no extra cost. The Benecon compliance division takes care of explaining the administrative requirements and making sure that all documents are in place. That way, if a DOL audit occurs, groups can rest assured knowing their plan administration checks off all the boxes.
Ready to see the VERIS difference? We partner with employee benefits consultants across the country. Talk to your consultant today to learn more about VERIS and let the power of the consortium go to work for you.