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WINSTON-SALEM, N.C., Oct. 2, 2013 /PRNewswire/ -- Beginning January 2014, several Affordable Care Act (ACA) provisions impacting both large and small fully-insured groups will go into effect, and sharp increases in premiums are expected as a result. To help employers in Virginia find an affordable alternative, MedCost LLC and Virginia Health Network have partnered to offer MedCost Ultra, a proven self-funded health plan option. MedCost Ultra gives employers a cost-effective market alternative to help control their health care expenses.
With a self-funded health plan, an employer sets aside funds to pay anticipated health insurance claims for their employees, instead of paying a premium to a health insurance carrier. In addition to having more control over administrative and health care costs, self-funded plans also provide more flexibility in benefit decisions, administration, and funding.
"Employers are asking the right questions about self-funded health plans," says Anita H. Bachmann, President and CEO of MedCost LLC. "In light of the uncertainties and potential difficulties facing fully-insured plans and government exchanges, employers need solutions to help them continue to offer affordable benefits for their employees. MedCost has vast experience in managing self-funded health plans, and we've consistently held medical trend well below regional and national levels for over five years."
One of the many ways MedCost helps employers realize the financial benefits of self-funding is through wellness and care management programs that are customized to meet the unique needs of each employee population. These programs, coupled with data analytics and exceptional plan service, make self-funding a viable option for many employers.
"MedCost's acclaimed Care Management programs are designed to meet the needs of plan participants and promote consumer engagement, resulting in better overall quality of health and lower health care costs," says Ms. Bachmann.
About MedCost and Virginia Health Network
For 30 years, MedCost LLC has been providing comprehensive, fully-integrated health care benefit solutions to help manage costs and encourage health and wellness for employers across the Carolinas and beyond. Virginia Health Network is one of Virginia's largest Preferred Provider Organizations, comprised of over 100 hospitals and over 18,000 physicians and allied health professionals.
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