Self-Funding Solved
Providing transparency in employee benefits financing.
The Value of VERIS
VERIS is an employer’s health benefits solution. Consultant-driven and designed for the long-term, VERIS allows groups to see exactly what they’re paying for each year – and retain anything they don’t use. VERIS is not a captive and is powered by Benecon’s independent consortium risk model, with no group unfairly subsidizing another. Once a group is part of VERIS they are guaranteed renewable with rate caps, no new lasers and no re-underwriting – ever.
Each VERIS group maintains its own claim fund account and does not commingle risk, but benefits from Benecon’s stop loss purchasing power.
Once a group is part of VERIS, they can’t be kicked out of the program for a “bad” claims year.
Benecon’s independent actuaries set the rates and come to the most appropriate claim fund projections, not the carriers.
Once a group is part of VERIS, there is no re-underwriting; which means no lasers at renewal.
A Better Way To Fund Your Health Plan
VERIS pulls the positive elements from each funding type while eliminating the risks.
Cost Containment Powered by ConnectCare3
Fully integrated cost containment benefits as part of your VERIS plan.
Credibility
More than three decades of program administration.
Financial Leverage
With more than half a billion in stop loss premium, VERIS leverages Benecon’s group purchasing power in the stop loss market.
Independent Actuaries
Our goal is to ensure rates are set fairly – we’re not chasing financial returns.
Transparency
100% access to de-identified data & total reporting of where every penny is spent.
The VERIS Difference
Explore how VERIS stands up against other funding methods.
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VERIS | Stand Alone Self-Funding | Fully Insured Funding | Captives |
Guaranteed annual premium for the plan year |
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Lower administration costs |
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Only pay actual claims plus fixed expenses |
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Greater flexibility in plan design |
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Stop loss renewals based on actuarial projections, not loss ratio |
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Stop loss insurance premiums managed to a 78% overall loss ratio |
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No lasering at renewal or late discovery of submitted claims |
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Member manages all claim fund surplus |
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Enables employers the safest method to self-fund their benefit plans |
Is VERIS Really that Different?
One VERIS group decided to leave their captive arrangement for the following reasons:
- Stop loss premium was $267,868 less with VERIS
- Max funding was $604,416 less with VERIS
- The captive had a 125% funding corridor vs. VERIS’ corridor of 110%
- Expected savings in VERIS of $489,056 vs. the captive
- VERIS has no reserve requirement and no capitalization requirement
Want to Know More?
If you are a Broker, Consultant or Employer and you have questions or are ready to get going, we are here to help.