GOT QUESTIONS?

The CHAMP Plan is a self funded, employer owned, limited schedule of benefits indemnity plan. It is a qualified Section 125 plan set up as a self-funded employer-sponsored plan that is 100% funded by employees through a pre-tax payroll deduction. The amount deducted represents the maximum claims for the policy year. The third-party administrator (TPA) holds the monies in a custodial account and pays claims as they incur in accordance to the plan document and the schedule of benefits. The definition of a claim is defined as claims made to providers, facilities, pharmacies, or employees.

Claims to employees result when an applicable CPT code is triggered with a corresponding explanation of benefits (EOB). Examples of these claims include preventive examinations, bio-metric screens, health risk assessments, and chronic medication fulfillment. Claims made to employees are neither taxable nor considered ordinary income. The amount of premium charged to employees is actuarially set to cover the claim risk on the plan while meeting a desired medical loss ratio (MLR). At the end of the plan year and the runout period, any potential surplus left in the claim account is considered a plan asset to the employer. The CHAMP Plan™ meet the definition of Minimal Essential Coverage (MEC)

A company’s health benefit program is a key part of the compensation they offer to their employees. Due to the rising costs of traditional employer-sponsored health insurance, U.S. employers are steadily dropping those plans in favor of defined contribution health benefits. Rather than paying the costs to provide a specific group health plan, employers might want to consider a self-funded plan.

A self-funded plan like Champ can solve the employer’s as well as the employees’ problem related to the cost-effectiveness of healthcare insurance as it has the following benefits over traditional healthcare insurance:

The employer can customize the plan to meet the specific health care needs of its workforce, as opposed to purchasing a “one-size-fits-all” insurance policy.
The employer maintains control over the health plan reserves, enabling maximization of interest income – income that would be otherwise generated by an insurance carrier through the investment of premium dollars.
The employer does not have to pre-pay for coverage, thereby providing for improved cash flow.
The employer is not subject to conflicting state health insurance regulations/benefit mandates, as self-insured health plans are regulated under federal law (ERISA).
The employer is not subject to state health insurance premium taxes, which are generally 2-3 percent of the premium’s dollar.
The employer is free to contract with the providers or provider network best suited to meet the health care needs of its employees.

Can we begin participating in the program at any time?

Yes, and every month you wait, you’re losing out on potential FICA savings per employee!

Do I have to change insurance?
No. The CHAMP Plan™ is a self-funded overlay program that supplements existing traditional medical insurance plans.

Do employees need to change providers or medical care?
No. Employees who voluntarily enroll in The CHAMP Plan™ can continue to use the same providers and receive the same medical care they’re already receiving through their traditional medical insurance.

How do I implement this plan to my employees?
It’s simple! All we need is a basic census from you so that we can begin to identify your potential savings per employee. We then provide you with a specific proposal and analysis for your company. The proposal will show you every employee’s before and after net effect of their paychecks and the company savings so you can see your exact potential savings prior to enrollment. Once you approve the proposal, our TPA's will handle everything from there so there's no extra burdens on your payroll team.

Give Your Employees the Healthcare they deserve with ZERO Net Cost

GOT QUESTIONS?

Can we begin participating in the program at any time?

Do I have to change insurance?
No. The CHAMP Plan™ is a self-funded overlay program that supplements existing traditional medical insurance plans.

Do employees need to change providers or medical care?
No. Employees who voluntarily enroll in The CHAMP Plan™ can continue to use the same providers and receive the same medical care they’re already receiving through their traditional medical insurance.

Get Started Today!