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Costco Executive Members Can Receive Additional Savings on Select Employee Health PlansEligible Executive Member employers may qualify for up to 5% savings on Level Funded Advantage plans14, which offer:
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14 Offer is not guaranteed: The 5% discount is a discretionary benefit subject to eligibility requirements for small business owner Plan Sponsors who are Costco Executive Members. The 5% discount reflects the percentage reduction of the overall Plan costs from the Level Funded Advantage base rates made available to Costco Members who are not Executive Members, excluding non-commissionable fees such as network access fees. Actual discount may vary by state and is subject to applicable federal and state laws and regulations and carrier underwriting guidelines. The carrier reserves the right to modify or terminate any discount and the stop loss coverage at any time in the event of a material misrepresentation or a material change impacting the Plan Sponsor or its employee census or demographics. Eligibility for the discount is dependent on the Plan Sponsors' continued status as a Costco Executive Member. The discount is non-transferable and has no cash value.
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What is Level Funded Advantage?Level Funded Advantage is a level-funded plan for employers who are trying to save money on the cost of group health insurance. A level-funded plan allows you to save money by paying for the cost of small claims with employer money, while providing you the opportunity for a refund for healthy plan years.
Who is the Plan for?Level Funded Advantage is for employers with good health experience who feel they are paying too much premium for too little in benefits. Do you receive money back from your insurer for being healthy? If the answer is NO, then Level Funded Advantage could be the right alternative for you.
How Does the Plan Work?Level Funded Advantage saves you money by paying the claims of your employees with your own money instead of insurance premiums. Money left in your account is your savings and not insurance company profits. You’re protected with stop-loss insurance that manages1 the risk for large claims above your monthly cost.
How is this Plan Different?Level funding allows you to keep the savings when your group is healthy while stop-loss insurance caps your exposure. Level funding takes the guessing out of monthly costs. You pay one set monthly fee. After all of your claims are paid for the year, the unused money in your claim fund is returned to you.
#1 “Large claim risk managed by stop-loss insurance with run-out coverage, subject to policy exclusions, solvency of insurance carrier, policy effective dates, mid-year plan termination, and other policy terms and conditions.” Get A Quote
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3 Reasons to Consider Level Funded Advantage
Can we receive money back with this plan? Get A Quote
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How Level Funded Advantage Works – Three Types of Costs
01. Stop Loss Coverage
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Stop-loss insurance:
Pays when the claims for any one person (employee or dependent) exceed a set dollar limit during the plan year. -
Monthly payment:
Pays when the overall claims for your group exceed a set dollar limit during the plan year. This is the ultimate protection that allows your maximum cost to be known and locked in for the year.
02. Claim Fund
This is your money used to pay smaller dollar claims. The claim fund total shown below is the MAXIMUM amount of claims payable by you for the plan year based on this census and benefits. You will never have to pay more in claims than this maximum amount. Any unused money is refunded to you after all claims have been paid for the plan year. Choose from different funding options (depending on your group size) to meet your monthly cash flow needs.
03. Administrative & Sales Costs
These are the costs you pay for the administration of your group’s health plan. Compensation also is paid to your agent from these costs for their role in helping you tailor your plan, managing your plan enrollment and ongoing servicing of your plan.
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