Hybrid Plans
- Reduced Premium Fluctuation
- Increased Employee Participation
- Coverage Flexibility
The Perfect Mix of Flexibility and Predictability
Key Benefits
Enjoy a straightforward claims experience that allows employees to submit and track claims effortlessly, ensuring quick resolutions and increased satisfaction.
Our hybrid plan balances risk effectively, giving your business peace of mind while providing comprehensive coverage tailored to your employees’ needs.
Say goodbye to paperwork! Our tech-driven approach allows employees to manage claims effortlessly through their phones, ensuring a smooth and convenient experience at their fingertips.
What is a hybrid plan
A Hybrid Group Benefit Plan offers the best of both worlds. It combines the cost-control features of a Self-Insured Plan with the risk protection of a Fully Insured Plan. These plans often include a Health Care Spending account (HCSA) for specific coverage, such as paramedics.
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Questions on Your Mind?
Looking for same-day answers? Email us or schedule a call with one of our benefits specialists.
Comparison Chart
Traditional | ASO | Hybrid | |
---|---|---|---|
Cost Predictability | |||
Cost Predictability | Fixed premiums, predictable costs. | Variable costs based on claims. | Mix of fixed premiums and variable costs. |
Financial Risk | |||
Financial Risk | Low, insurer covers claims. | Highest, employer covers claims. | Shared, with capped risk. |
Plan Flexibility | |||
Plan Flexibility | Limited, insurer-defined | High, customizable options | Moderate, with flexible HSA |
Administration | |||
Administration | Minimal employer involvement. | Higher, employer-managed claims. | Moderate, mix of insured and HCSA options. |
Best suited for | |||
Best suited for | Small to Mid | Mid to large | All |
Renewal Process | |||
Renewal Process | At times unpredictable | Mid transparency | Could provide highest control over rates |
Best Suited For
Medium to Large Businesses looking for a blend of cost control, flexibility, and manageable risk. Hybrid plans are ideal for companies seeking customizable solutions that adapt to their unique workforce needs.
Hybrid benefit packages include
Drugs
Antibiotics, narcotics, creams, etc.
Treatment
Teeth cleaning, braces, crowns, etc.
Expenses
Physiotherapy, massage therapists, chiropractic care, etc
Care
Glasses, contact lenses, eye exams, etc.
Equipment
Crutches, nebulizers, CPAP machines, etc.
Medical
Emergency medical expenses
Spending Account
Flexible allowance for additional health-related needs
Coverage
Disability Insurance, Term & Permanent Life Insurance
Upgrades
Semi-private or private rooms
Custom orthopedic shoes and compression socks, etc.
Why is a group plan important
Implementing a group benefit plan is crucial for attracting and retaining top talent. It demonstrates a company’s commitment to employee well-being, enhances job satisfaction, and
fosters loyalty. Additionally, such plans can improve productivity by ensuring employees have access to essential health services, reducing absenteeism.
Offering comprehensive benefits also positions the company as competitive in the job market, helping to build a positive workplace culture. Overall, a well-structured group benefit plan contributes to a healthier, more engaged workforce.
FAQ
How do employees allocate their benefit spending in a hybrid plan?
Employees typically have access to a health spending account (HSA) or a wellness spending account (WSA), where they can use allocated funds to cover a variety of eligible expenses. This allows them to direct their coverage where they need it most.
What types of core and flexible benefits are included in a hybrid plan?
Core benefits often include health, dental, vision, and life insurance, while flexible benefits may include options for paramedical services, wellness programs, fitness memberships, and more. Employers decide on the balance between core and flexible benefits.
What level of administration and management is required for a hybrid plan?
While a hybrid plan can involve more administration than a traditional plan, many providers offer solutions that simplify management, such as digital tools and third- party support. Employers may need to coordinate the core and flexible components, but plan administrators handle claims processing and compliance.
What are the advantages of a Hybrid group benefit plan?
Increased Flexibility: Hybrid plans allow for more customization, providing employers with the ability to design a plan that fits the specific needs of their workforce.
Cost Control: Employers can save money by taking on some of the financial risk for non-standard benefits, particularly if the actual claims costs are lower than expected.
Comprehensive Coverage: Employees still enjoy the security of traditional fully insured benefits while gaining access to more flexible, cost-effective options like Health Spending Accounts for other health-related expenses.
Better Employee Satisfaction: Employees appreciate the increased coverage flexibility, allowing them to manage their healthcare needs more efficiently.