With The Preferred Group, you have your choice of insuring your organizations Dental and Vision plans or you can Self-Fund. Many of the larger employers are experiencing dramatic savings by self-funding over what they would have spent on the fully insured counterpart. Self-Funding not only could mean a way to save your precious benefit dollars, but you are able to customize your plan to fit your organization’s unique demographic. You can choose options of how to handle in or out of network service providers or type of benefits to allow. If you are considering Self-Funding, make sure that you have the professionals from The Preferred Group assist you in designing a plan that will fit your organization.
The Preferred Group can assist your employee association, union trust fund, and employer group with the establishment and ongoing maintenance of a Heath and Welfare Fund Benefit Plan. We will consult with your organization to help determine the best benefits for the available funds. Self funded benefit plans offer significant advantages over insured plans in both flexibility and cost containment for such employee benefits as dental, vision, prescription drug, flexible supplemental health, legal and other insured or self-insured benefits the trustees or employer may wish to offer. The Preferred Group’s full service administration is fully HIPAA compliant and will take the problems out of ensuring your organization has the best benefits at an affordable cost.
The Prepaid Benefits Card is a special-purpose Visa® card that gives you an easy, automatic way to pay for qualified health care/benefit expenses. The Card lets you electronically access the pre-tax amounts set aside in your respective employee benefits accounts such as Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), and Commuter Reimbursement Accounts (CRAs).
A Health Reimbursement Arrangement (HRA) may be referred to as a personal care account or a consumer-driven health care plan. HRAs reimburse employees for medical care expenses not already paid for by the employer’s health plan. The HRA is funded 100% by your employer and is a great way to help stretch your healthcare budget because it allows one to pay for healthcare expenses with money that is not taxed.