Anthem BlueCross BlueShield is a nationwide health insurance carrier that provides coverage in all 50 states, offering a vast array of plans including individual and family plans, Medicare, Medicaid, and small business plans. One of the most exciting business plans is their Anthem Balanced Funding (ABF). If you’re an employer looking for a predictable and flexible self-funded health insurance plan, here’s what you need to know about ABF.
How the Anthem Balanced Plan works
Anthem Balanced Funding (ABF) is a type of self-funded insurance plan that provides predictability, flexibility, and cost savings all in one health plan.
Employers pay a fixed monthly premium that includes all administrative fees, stop-loss coverage, a paid claims fun, and coverage for claims run-out. Members use their benefits and then claims are reconciled.
Unlike typical self-funded plans, ABF has stop-loss coverage. That means if your claims are higher than the budgeted amount, you won’t have to worry about paying ridiculous overages out of pocket. However, if your claims are lower than the annual budgeted amount, you’ll get back 50% of the unused funds.
Anthem Balanced Funding is really a great way for employers to provide health insurance for their employees without limiting coverage or flexibility at a predictable cost.
Who qualifies for Anthem Balanced Funding?
Anthem Balanced Funding is available for employers in all 50 states. The only requirement is that an employer must have a minimum of five (5) full-time employees to enroll in a group plan.
Are you ready to see what Anthem Balanced Funding can do for your business? Contact us at Health Benefits Associates. We understand the nuances of small business health insurance and can walk you through the options to find the perfect fit for your organization’s needs.
Schedule an appointment with a local advisor by calling 775-828-1216 to learn more about group health insurance and find out whether Anthem Balanced Funding is right for you.
