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Medical Benefits Group
Address: 522 East Hwy CC, Nixa, MO 65714
Phone: 417-725-0440
Web Address:
www.InsuranceInMissouri.comOwner: Jeff Broyles
Product or Service: Business Insurance; Group Medical Insurance, Health & Dental Insurance, Life Insurance, Senior Insurance, Annuities
With double-digit healthcare increases hitting many of their clients at renewal time, Medical Benefits Group set out to shake-up how healthcare benefits were designed. The group has brought an open-network, partially self-funded group health plan to Southwest Missouri – the first of its kind to provide an array of features not normally found in traditional health plans.
“With this partially-self funded program, we are seeing two to three months worth of premiums being returned annually, depending on the health of the group for that year,” said Medical Benefits Group owner Jeff Broyles. “This is money that wasn’t used to pay for insurance claims – and all claims money not used is returned to the employer.”
The plan is designed so that stop-loss insurance provides a cushion for catastrophic claims and protection from any overages for the year. The plan is built on a level, monthly payment plan, just like traditional plans, and can include co-pays and cost sharing based on customer preference.
“But the big difference in this plan is the potential to receive money-back that wasn’t used to pay claims,” Broyles added. “When has any traditional insurance provider said ‘you had a great year, you didn’t use all your benefits, so here is $30,000 back’? This will never happen in a traditional plan.
“Employers need to take control of their healthcare spending and stop paying for benefits that were never used.”
Another key benefit of the plan is its open network platform - an employee can visit the physician of their choice, whether the doctor is across town or across the country, without “out of network” fees that are typical of provider networks. This open network also provides relief for companies that have employees scattered across the country.
One unusual offering is a “bridge” program to provide critical needs care for major health situations – all without an additional charge. If an employee or family member needs this specialized care, the plan offers access to the top specialty centers across the country, arranges for the care and even helps with travel expenses.
“When you compare this plan to any traditional insurance plan, the additional plan features and cost savings on a monthly basis are obvious,” Broyles said. “However, if you look at the possible return of premium to your bottom-line, that’s when the difference between this approach and any other becomes significant.”[[In-content Ad]]
