The Employee Benefit “tool” that empowers Governmental Employers with the ability to:
- Promote Consumerism within their existing or new health plan.
- Controls health care utilization.
- Employees take ownership in the benefits that are provided them.
- Reduces long-term health insurance premium expenditures.
PRIME-Core Concept© is a benefit plan that consists of two separate components that are combined to create a single benefit program whereby the employee directly participates in the health care decisions for his/her family. This participation is motivated by the employee making financially wise health care decisions that save them money without jeopardizing quality of care. Ultimately, the employer participates in these savings by controlling health care utilization that reduces current and future health insurance premium expenditures.
Component #1 – Core High Deductible Health Plan
The main component consists of a high deductible “Core” major medical plan that provides for catastrophic coverage above and beyond the deductible and co-insurance stop-loss. Participation in the plan can be on a mandatory basis for all employees or on a voluntary basis as an enticement for employees to move from a low or no deductible plan option. To promote wellness, it is strongly recommended that preventative benefits be included paid at 100% to prevent and catch potential catastrophic illnesses prior to occurring. In addition, prescription drug card options can also be included as an additional inducement providing a more attractive benefit package for employees considering participation in the plan.
Component #2 PRIME -Plan(trust)© Account
The PRIME-Plan(trust)© Account is an employer funded medical trust account. Similar to a Health Reimbursement Arrangement (HRA), participants can access their account to pay for un-reimbursed medical expenses on a tax-free basis. Any balances not utilized in the current year are carried forward until they are exhausted. Participant account balances can even be utilized in a post-retirement setting creating a bridge account between the date of retirement and Medicare eligibility. This feature can aid employees by giving them the option to retire when first becoming eligible with the State Retirement System under which they are covered. In addition, all participant account balances are interest bearing thereby allowing participants to accumulate additional assets until they retire.
For more information Contact: Precision Retirement Group, Inc.
West Coast: 800.369.9461
East Coast: 888.458.3902