Nationwide® and LevelFunded Health Partner to Deliver Affordable Health Benefits to Middle Market Companies
DEERFIELD BEACH, FLORIDA – 08/07/2017 (PRESS RELEASE JET) – LevelFunded Health announced today that it has entered into a strategic relationship with Nationwide Mutual Insurance Company to deliver affordable health benefits to middle market companies across the U.S. using its unique, national, tech-enabled insurance distribution platform .
As part of the relationship, LevelFunded Health will become a distributor for Nationwide’s employer medical stop loss insurance and will be able to access additional products such as supplemental health, group dental and group vision from Nationwide that are beneficial for middle market companies.
LevelFunded Health is focused on immediately decreasing costs of healthcare by offering level-funded health benefits programs, while simultaneously improving benefit levels for businesses that employ 50 or more full-time employees.
Level-funded health benefits programs work very well for many smaller businesses. The plan sponsor pays a fixed (level) cost per employee per month for all administrative fees, expected claims and stop loss insurance. If claims go over the funded amount, businesses are protected by a stop loss policy. If claims usage is less than the funded amount, the plan sponsor retains the difference, a potentially significant savings. Level funding effectively eliminates the complexity, uncertainty and cash flow volatility of traditional self-funded benefit programs.
“For middle market companies to buy healthcare the traditional way is just not working anymore. The expense is too high and the quality inconsistent. We saw an opportunity in the market to provide a solution that works for these companies. We have worked hard to deliver a solution at much more affordable rates, with better service and better benefits”, says Russ Carpel, CEO of LevelFunded Health.
“Our relationship with LevelFunded Health complements our full suite of employer healthcare solutions, including employee benefits, supplemental health and group captive stop loss solutions.” says Syed Rizvi, Vice President and Chief Specialty Insurance Officer of Nationwide Innovative Solutions. “This relationship will combine our insurance solutions suite with LevelFunded Health’s service and national distribution to deliver level funded plans to a market looking for more affordable healthcare solutions.”
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
About LevelFunded Health
LevelFunded Health is a national, tech-enabled, direct to employer distribution platform focused on level-funded benefit programs for small to mid-size employer groups. For businesses with employees ranging from 50 to 1,000, it can help to immediately save these businesses anywhere from 10% – 40% per year on healthcare costs, while simultaneously improving benefits. For more information, visit: www.LevelFunded.com.
Source: Level Funded Health Partners LLC