Benefits of the UBA Consortium
The UBA Health Plan Consortium is an innovative ‘buying group’ designed to provide clarity and cost efficiency for businesses. Schwartz Insurance Group offers this unique and proprietary solution for employers seeking a sustainable approach to health benefits. The UBA Consortium allows for thorough insight into yearly expenditures AND retention of any unused funds. Unlike captive insurance models, the UBA Consortium operates as an independent consortium risk model, ensuring that no group is unfairly burdened by another’s expenses. Once part of the program, members enjoy guaranteed renewals with caps on rates and claims funding and are never subject to new lasers (exclusion of higher dollar claims) or re-underwriting.
Harnessing Group Purchasing Power
Each consortium member maintains a separate claims fund account, ensuring that risks are not pooled together. Smaller employers benefit from the significant stop loss purchasing power of the full program. This structure allows for optimized financial leverage, as the consortium managing over half a billion in stop loss premiums, thereby enhancing the purchasing power within the stop loss market.
Ensuring Stability and Fairness
The UBA Consortium stands out with its commitment to stability and fairness. Once part of the consortium, an employer cannot be removed based on a challenging claims year. Rates are determined by independent actuaries, who focus on fair assessments rather than financial gains. This approach ensures transparency, with complete access to anonymized data and detailed reporting on expenditure.
Balanced Approach to Health Benefits
Navigating the landscape of employer health benefits can be challenging. Traditional fully insured plans seem straightforward but bring high fixed costs and little transparency and often fail to deliver savings or protection. Alternatively, stand-alone self-funding can be risky, with unpredictable variables and the complexity of managing claim costs. The UBA Consortium is balanced solution, effectively merging the benefits of self-funding with the security of a collective approach.
Proven Savings and Efficiency
This approach has demonstrated its effectiveness through tangible savings and operational efficiency. For instance, one employer transitioned from a captive and reported significant financial gain: $267,868 savings on stop loss premiums, $604,416 less in maximum funding, with a more favorable funding limit of 110% vs. the captive’s 125%. Plus, with expected savings of $489,056 and no reserve or capitalization requirements, the UBA Consortium delivered meaningful financial advantages.
Self-Funded Plan Solutions in Louisville, KY
The UBA Consortium offers a compelling alternative for employers looking to optimize their health benefits strategy. With a focus on transparency, financial leverage, and fair practices, it offers a reliable and cost-effective solution for managing employee health benefits in the long term. For businesses in Louisville, Kentucky, the program presents an opportunity to align with a progressive health benefits model that supports the growing local economy. By embracing this innovative approach, Kentucky companies will provide top-tier health benefits to their employees and help attract and retain top talent in a competitive market. This positions them well to contribute to the city's economic growth while maintaining a sustainable approach to employee welfare.
Work With Us
Start by evaluating your current benefits offerings. Allow Schwartz Insurance Group to design a customized benefits package to help you thrive in today’s competitive labor market. Employee benefits are crucial for businesses looking to support their employees and protect their bottom line. With comprehensive benefits, you safeguard your team's well-being, foster loyalty, and attract top talent. Act now to investigate a smart program for your employees' welfare and the success of your business.