Level-funded plans
Make sure level funding pays off.
You pay a fixed monthly amount, and if claims come in low, money can come back to you. Snow tracks the numbers all year so you get what you're owed.
How this plan works
A fixed cost, with a refund if claims run low.
Each month you pay a set amount that covers expected claims, administration, and stop-loss insurance, which caps your cost if claims run high. If claims for the year come in under the amount set aside, part of the difference can come back to you, depending on your contract.
What Snow does
What we handle for you.
Claims tracked monthly
We compare claims to the amount funded every month, so you know where the year is heading long before renewal.
Year-end refund checked
We check the year-end settlement against your contract and make sure any refund you're owed is paid.
Shopped side by side
At renewal we compare level-funded and fully insured options, so you can see which costs less for your group.
Enrollment checked monthly
Payroll is matched to carrier records every month, so the right people are covered and billed.
Invoices reconciled
Every invoice is checked line by line, and charges for people who left get recovered.
Know when to move
If your claims stay steady, we'll tell you when a self-funded plan would save more, or when going back to fully insured is safer.
What you see
Where your plan stands, all year.
- Year-end refund termsChecked against contractVerified
- Renewal optionsLevel-funded and fully insured, side by sideDue Nov 15
| Employee | Payroll status | Billed | Result |
|---|---|---|---|
| J. Alvarez | Active | $612.40 | Matched |
| P. Nguyen | Terminated Aug 14 | $1,284.00 | Recover |
| R. Shah | Active | $612.40 | Matched |
| L. Ortiz | Active, on leave | $1,284.00 | Matched |
Questions
Level-funded questions.
However we're paid, by commission or by fee, you'll see the exact amount in writing.
Is level funding right for us?
It depends on your group's size and claims history. In the review, we'll compare it with a fully insured plan using your numbers.
What happens if claims run high?
Your monthly cost stays the same for the year. The stop-loss coverage built into the plan pays for claims above the funded amount. High claims can raise next year's rates, which is why we track them monthly.
Do we get the whole surplus back?
It depends on your contract. Some plans refund part of the surplus and others credit it toward next year. We'll tell you exactly what yours says.
Renewing in the next 12 months?
Start with a pre-renewal review. You'll see where your plan dollars go, and where they shouldn't.