PHOENIX, Ariz. (May 11, 2020) – In response to the economic impact of COVID-19, Vālenz™ has joined Benefit Plan Administrators, Inc. (BPA) and six other top U.S. health vendors to jointly deploy a self-funded healthcare and benefits solution for new groups that are currently fully-insured. Known as the Stimulus For Business Initiative (SFBI), this program marks a new, unprecedented opportunity for employer savings in the health benefits market.
Through deferred or waived service fees for up to three months following the new business anniversary date for eligible member groups, the SFBI plan offers a unique self-funded adoption opportunity to increase cash-flow and stimulate economic growth. The eight founding organizations, which include Valenz, BPA, 6 Degrees Health, HealthWallet, ScoutRx, The Phia Group, CieloStar and PHCS, collectively rolled out the program on May 8.
SFBI will operate as an LLC formed by some of the nation’s top health plan advisors: DC Advisory LLC, Stautberg Benefit Advisors, Prosperity Benefits and AMR Benefits, who are partnering with leading stop-loss providers East Coast Underwriters to ensure the viability and success of this novel program.
With fully-insured groups expecting significant rate increases on renewals in 2020 and 2021, SFBI’s founders point to this approach as a potential solution for all fully-insured groups as an added stimulus and optional recovery opportunity.
“The SFBI partners are pleased to announce this innovative program,” said Morris Masinter, President of BPA and SFBI co-founder. “With projections showing upcoming high rates for fully-insured renewals, our plan is a smart move for employers to retain control of their benefit spend, even in the face of hardships caused by the devastating coronavirus pandemic.”
Fully-insured groups of 5-5,000 lives in all industries, single or multi-state, public or private entities, will have the option to work in co-advisory arrangement with their current broker and SFBI. Participants can expect customized solutions for their benefit needs and should speak with their broker to learn more about the opportunity. More information on eligibility criteria, including webinars and educational seminars around the program, are coming soon.
“We are thrilled to offer this innovative solution jointly with our co-founders, a highly esteemed group of organizations that share our dedication to supporting self-funded employer groups,” said Rob Gelb, Chief Executive Officer at Valenz. “SFBI is one of many ways we are continuously expanding our ecosystem and engaging early and often for smarter, better, faster healthcare.”