New Consortium to Offer Employers More Affordable, Transparent Solutions in Managing Employee Benefits.
Buck Health Alliance (BHA), a new start-up venture specializing in self-funded insurance plans for small employers, large ones, and every size in between, is proud to announce it has officially entered the marketplace for the first time.
Pooling the resources of key partners such as Buck Rx, BeneBay, National General Insurance, and Contribution Health, BHA is already attracting attention of companies looking to enroll in low-cost group coverage plans, without shortchanging themselves in areas like customer relations, pharmacy benefit management services, regulatory compliance, and stop loss coverage, among others.
Noting that employers generally pay too much for what they get, Sarang Jain, Director of Operations for BHA, suggested that the company is really the one wearing the “white hat” in the industry.
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“First and foremost, our goal at Buck Health Alliance is to educate employers on health insurance options for their groups, digging deep into the details,” Jain explained. “We know the pain points that confront businesses of every size, especially small ones. But more importantly, we can help solve them by providing greater levels of transparency at every touchpoint.”
The company’s framework allows employers to view statistical data in clear and uncompromising terms; in turn, empowering them to select the best plan for their group health needs. At the end of each year, if the given employer group has any funds left in the purchase pool, those monies are reimbursed in return.
“That way, employers are only paying for what they use,” Jain said. “By and large, it’s an approach that stands in stark contrast to many other insurers who don’t provide the same, unfettered access to spend data.”
In that regard, good news travels fast, quickly gaining the approval of Alpesh Patel, Advisory Board Member and President of Benzer Pharmacy, who was generous in his praise of what BHA is doing on behalf of his company.
“Being part of the healthcare industry for so long, I’ve always wanted what’s best for my employees, typically enrolling in fully insured plans. Little did I know how much I was overpaying, mostly because I had no idea how healthy my group was,” Patel reasoned. “Once I switched to BHA, I was able to see exactly what I was paying for and ended up saving a significant amount of money in the process.”
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For many years, there’s been a growing need for an alternative, employer-centric option—where employers can take back control of their plans—using premiums to form their own purchasing pools, spread the risk, and succeed with self-funding.
That’s where BHA comes in. And, in the eyes of Jain, just in time to make a real difference.
“Organizations employing anywhere from two to 99 staff members can enroll at any time with BHA and receive a baseline quote within 24-48 hours,” Jain said. “Better yet, there is no fee to join. Terms of membership are all voluntary and based on good faith efforts to participate in the purchasing strategy.”
Interested employers are encouraged to download the group application and submit the underwriting info requested to join the BHA. Upon approval, although it is not obligated, senior leadership should be prepared to support the self-funding and joint purchasing strategies of the larger group for an initial period of three years.
That’s good by Patel, who proudly affirmed, “It was the best decision I could make because it gave Benzer the long-term stability we wanted—paying only for what we use—and the financial flexibility we really needed.”