WINSTON-SALEM, N.C., July 24, 2013 /PRNewswire/ -- In recent years, more and more employers have been moving to self-funded health plans as an affordable alternative to the rising premium costs of fully-insured plans. An Employee Benefit Research Institute report showed that in 2011, 59% of employees in the private sector were covered by self-funded plans. With the upcoming changes associated with the Affordable Care Act (ACA), MedCost (www.medcost.com) finds that even more employers are looking at self-funding.
MedCost LLC and Virginia Health Network have partnered to bring MedCost Ultra, an affordable self-funded benefits solution, to employers in Virginia.
"Employers want flexibility and customization in defining health benefits that meet the individual needs of their employees, and clinical programs that, in partnership with the employer and provider of health care, achieve greater affordability and better health outcomes," says Anita H. Bachmann, President and CEO of MedCost LLC. "Self-funded health benefit solutions, such as MedCost Ultra, give employers exceptionally high levels of care and flexibility that are far more affordable."
Due to expected increases in insurance costs brought about by health care reform, many employers are viewing self-funded health care plans as a more attractive option than fully insured plans. Under the terms of a self-funded health care plan, an employer puts aside funds to pay anticipated health insurance claims for their employees, instead of paying a premium to a health insurance carrier. In addition to having more control over administrative and health care costs, self-funded plans also provide more flexibility in benefit decisions, administration and funding.
MedCost provides integrated benefit solutions that offer affordable care through significant network discounts, strong clinical programs that result in better health, cost effective stop-loss coverage, and competitive pharmacy benefit programs.
About MedCost and Virginia Health Network
For 30 years, MedCost LLC has been providing comprehensive, fully-integrated health care benefit solutions to help manage costs and encourage health and wellness for employers across the Carolinas and beyond. Virginia Health Network is one of Virginia's largest Preferred Provider Organizations, comprised of over 100 hospitals and over 18,000 physicians and allied health professionals.
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