The Premium Saver is an employer sponsored group supplemental insurance plan which is designed to help reduce the cost of group medical coverage. Combining the Premium Saver with certain major medical plans can deliver coverage groups want and can afford.
The Premium Saver pays off of the underlying major medical plan EOB, and it pays benefits directly to the provider. When the insured goes in-network they always receive the carrier’s in-network discounts.
Premium Saver plans have a supplemental deductible and co-insurance per insured person that must be satisfied before benefits are paid. After the insured’s deductible has been satisfied the plan pays the benefits described in the policy until the payments reach the Maximum Benefit Amount.
Our most frequently selected Premium Saver plan pays the amount applied to your major medical deductible, co-insurance, and co-payments. It covers the same expenses as your major medical plan, with the exception of charges for professional fees in a doctor’s office or medical clinic or for outpatient prescription drugs.
Each group can choose the plan design and benefit amount to achieve the maximum overall premium savings for their group. The Premium Saver is extremely flexible.
Maximum Benefit Amount Options are any amount from $1,000 to $9,500 per person per calendar year
Deductible Options are from $250 to $3,000 (higher deductible available upon request)
Co-Insurance Options are 0%, 90/10%, 80/20%, 70/30%, 75/25%, 50/50% from $0 to $10,000 Out-of-Pocket
Everyone (employees and dependents) enrolled on the group’s major medical plan must be enrolled with the Premium Saver plan. On the Premium Saver effective date, everyone covered by the group’s major medical plan will be covered by the Premium Saver plan.
There are no excluded groups. The minimum group size is 5.
Watch the short video below to get a better idea of how the plan works!
Click Here to Download the Premium Save FAQ’s