East Coast Underwriters has partnered with BeniComp, Inc. to be the preferred Medical Stop Loss carrier for a new innovative health insurance product for self-funded employer groups called IncentiCare.
IncentiCare is a supplemental health plan that approaches two issues simultaneously that have plagued employer groups for years: rising employee deductibles; and increasing healthcare claims linked to chronic disease. IncentiCare allows employees to control their own deductible by earning significant rewards linked to health results. Outcome-based deductible incentives are placed on five health biomarkers in the blood that are controllable through lifestyle:
- Body Mass Index (BMI)
- Blood Pressure
- Blood Glucose
- LDL Cholesterol
- Tobacco Use
Unlike other wellness products that have a 25-35% participation rate, IncentiCare achieves an average of 96% participation in annual health screenings by offering large, outcome-based deductible incentives.
The IncentiCare plan is backed by a Preventive Health Management program that uses innovative health technology and health professionals to provide participating employees and spouses with the necessary tools to accomplish lifestyle changes.
- At-risk participants are identified through a deep data analysis of their blood work and claims reporting (if available).
- Proactive health coaching is used to engage at-risk participants and drive healthy lifestyle choices.
- Functional Medicine protocols are used to identify the root cause of claims, as opposed to traditional "diagnose and prescribe" methods, and eliminate costly chronic disease medication as well as future claims.
STOP LOSS UNDERWRITING
ECU acknowledges the value and results driven from implementing IncentiCare. ECU is able to give credit for groups who participate in IncentiCare through two ways:
- Deductible shift – placing all employees in a single high deductible plan gives an automatic cost savings to the plan. Employees are then able to earn deductible credits based on their blood screening results.
- Aggregate credit – IncentiCare drives lower utilization, which ultimately reduces and reverses claim trend, both short term and long term.
HEALTHY POOL CAPTIVE CELL
With the promising results and a desire to round up like-minded employers, ECU has formed the first-ever Healthy Pool Captive that rewards employer groups for taking control of rising healthcare costs and making a difference through prevention. The Healthy Pool is a profit-sharing stop-loss captive cell exclusively for employer groups participating in IncentiCare. Dividend payments are dispersed to each participating group when the captive is profitable.
Groups can participate in the captive cell at no risk, and there is no capital requirement or cash calls in this captive cell.
Please contact an ECU sales representative today to learn more about this opportunity for your clients.
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