Risk Assessment & Underwriting
Our underwriting practices are built on a thorough understanding of risk assessment, analysis and pricing. Our methodology is backed by an approach that balances responsibility and creativity to address each client’s specific needs. By taking time to develop customized programs Beacon underwriters go beyond formulaic rates and guidelines, blending the art and science of underwriting. We rely on our experience to approach each case as its own unique scenario.
- Run-in, run-out and “Paid” specific and aggregate contract options
- Flexible specific deductibles
- Aggregating specific deductibles
- Non-laser renewal option
- Aggregate-only coverage available
At Beacon, we pride ourselves on delivering impeccable service. Customers have direct access to our underwriting staff and quotes are turned around within 7-10 days.
We have the ability to bind stop-loss in all 50 states, and enjoy long-term partnerships with carriers across multiple product platforms. All our partners are rated “A” or better through AM Best’s.
Beacon’s customized solutions include fulfilling other specialized needs, including:
- Facultative reinsurance placement
- Support for all aspects of stop-loss administrative services only (ASO) programs
- Minimum Essential Coverage (MEC) plans
- Aggregate-only stop-loss underwriting
- Impactful cost management programs that help conserve plan assets
Limited Benefit Plans and Minimum Essential Coverage
Healthcare is not a one-size-fits-all business. There are many situations where traditional healthcare products do not fit the client’s needs. In response to market demand, Beacon developed fully-insured limited benefit health plans and self-funded MEC plans to help fill the coverage gap in certain instances.
- Limited Benefit Health Plans. Beacon offers limited medical plans with a wide range of available benefit structures. These plans can provide supplemental or basic coverage at costs more affordable to most buyers.
- Employers & Associations. We can develop plans and programs to serve both the employer and association markets. Limited benefit plans are an attractive benefit for employers; that can be offered on a contributory or voluntary basis. These plans can also help associations provide more value to their members looking to supplement their healthcare coverage.
- MEC Plans. Beacon has developed compliant and affordable self-funded MEC plans that offer the most basic level of benefits required under the Affordable Care Act. The approach enables organizations to satisfy one part of the employer mandate and avoid paying $2,000 assessment per employee for failing to offer full-time employees qualifying health coverage. Not only do the plans assist employers in avoiding fees, they also give employees the opportunity to avoid the individual tax penalty being implemented in 2015. While the penalty is small year one, it will increase over the next three years. MEC plans are often packaged with a Limited Benefit Wrap to improve benefit coverage levels.
- Restaurant and Fast Food
- Convenience Stores
- Healthcare/Nursing Homes