Allegiance's high level of service is clearly tied to the products we administer. The following is a look at some of the plans we manage and the services we provide in conjunction with those products.
Self-funding began as an innovative way for employers to reduce costs and exercise greater control over how plans are defined and administered. It approaches benefits as budgeted expenses, and helps businesses avoid the high overhead and administration costs associated with coverage by an insurance company.
A self-funding company decides upon a plan of benefits and a fund is established for coverage up to a predetermined loss level. Stop-loss or excess-loss insurance is available to protect the plan and the employer against extreme losses. The most common self-insured plans cover medical care, dental benefits, short-term disability and vision.
One of our goals is to help you understand the options so you can make informed decisions regarding your benefits program. Allegiance can help determine if self-funding is right for your business, based on many factors including your company size, claims history and age of employees.
Allegiance can prepare your plan document, detailing plan provisions and eligibility. We'll prepare employee benefit descriptions, identification cards, ERISA reports and other necessary materials. On your behalf, we will negotiate favorable stop-loss rates and terms, maintain funds for claim payments, pay claims and prepare necessary claims and government reports.
Flexible Benefit Plans
Allegiance was one of the first third-party administrators to offer comprehensive flex plans. Such plans can offer employers and employees considerable tax savings and other advantages. Employees and/or employers can deposit pre-tax dollars into a flexible spending account to pay certain health and related expenses not covered by medical insurance. Sometimes referred to as cafeteria plans, these plans let each employee elect an annual dollar amount and choose services to be covered from a menu which may include various group medical insurance premiums, out-of-pocket medical expenses and dependent care expenses. Also, Over-The-Counter medications may now be reimbursed.
Allegiance helps companies install flexible benefit plans meet the requirements of Section 125 of the Internal Revenue Code. We educate and inform employees through newsletters and individual account reports. We administer the "flex" funds in accordance with federal regulations, and keep detailed records on behalf of the company and the employee. We place priority on processing claims, and reimbursing the employee promptly.
Rx Card Benefits
Allegiance offers an array of services to meet the goals of cost containment, multiple pharmacy access and quality services for members. The pharmacy benefit methods used include: prescriptions filled at designated (or network) pharmacies, adherence to drug formularies, out-of-pocket incentives for generic drugs and mail order services for chronic use medications.
Medical Savings Accounts
MSAs are accounts in which money is set aside to pay for medical expenses on behalf of individuals or families. Such accounts aim to contain costs and involve employees in managing their own health care expenses. Employers offering MSAs may extend employees a health care plan with a high deductible and low premiums. Savings from the purchase of the plan are used to fund the tax-free medical savings account and protect the individual, essentially covering expenses up to the deductible amount. Unlike flexible spending accounts, funds not used during the year may be carried over to the next year.
Allegiance can help your company navigate the complex options for medical savings accounts to meet state and federal laws. We can design a plan to suit your business, negotiate favorable rates, set up and manage funding for the account, administer claims, maintain records and file necessary reports.
Multiple Employer Welfare Arrangements
ERISA and some states allow employers to form associations, pool their resources and share in the administration of benefit plans. Multiple Employer Welfare Association (MEWA) plans may offer employers some cost savings. Allegiance contracts with several such organizations, administering medical plans for combined manufacturing entities, united school districts and hospital groups.
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