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Which Health Insurance Solution is Right for Your Client?

August 16, 2022

The Difference Card offers a wide range of products to fit any client’s needs.

Cost Containment Solutions

 

Difference Card MERP

Take your health insurance savings strategy to the next level with a Difference Card MERP

The Difference Card specializes in administering Medical Expense Reimbursement Plans (MERP).

This IRS Section 105 Plan allows employers to establish a tax-free account from which members can access to help pay for qualified expenses associated with the underlying carrier medical plan.

The Difference Card MERP takes the Health Reimbursement Arrangement (HRA) concept to the next level by providing more flexibility, security and customization.

 

The Difference Guarantee

Financial protection for our customers by capping their claims exposure and transferring risk to an A rated insurance carrier. The Difference Card bears the risk if maximum liability is reached.  Claims in excess of the aggregate deductible will be reimbursed at the end of the plan year. Best for clients who are risk adverse.

Difference Guarantee | Monthly Cap

Monthly Cap Solution protects each month of claims exposure for the client. The client establishes an initial claims balance, then replenishes that balance up to a cumulative cap. Clients gain immediate access to their surplus (the amount not used to cover claims) while still limiting their annual claims exposure. Best for clients who cannot deal with month to month claim fluctuation, and who are risk adverse.

 

Self-Funding Solution: The Difference Health Plan 

Innovation, customization, and specialization is in the very DNA of The Difference Health Plan.  

We use a proprietary platform with deep expertise in building custom solutions. Just like The Difference Card, The Difference Health Plan can accommodate complex plan designs and account structures.  

The Difference Health Plan has a robust vendor connectivity system. We can connect to more than 150 vendors including Carrier Networks, RPB Vendors, Pharmacy Benefit Managers, and Concierge Services.

 

Healthy Difference Wellness Plan

The Difference Card provides an all-in-one solution that enables employers to design an incentivized wellness program that reduces employee out-of-pocket medical expenses by rewarding participation in a Difference Card Wellness Program.

The Difference Card will work with employers to build a wellness strategy that incentivizes participation with:

  • reduced deductibles
  • discounts on copays or
  • incentive based funding of Section 213 (d) eligible expenses

Benefit Administration Services

 

Difference Card Health Savings Accounts

A Health Savings Account is a personal savings account that allows employees to set aside pre-tax dollars for current and future health care costs for themselves and their dependents, even if they are not covered under your company’s health insurance plan.

Employees who are enrolled in an HSA-eligible deductible health plan are eligible to open an HSA. Employers have the option to contribute to their employees’ HSAs as well. Health Savings Accounts cover expenses like copayments, doctors visits, deductibles, coinsurance and prescription drugs.

 

Difference Card Health Reimbursement Arrangements

An HRA is an employer-funded notional account, which gives members access to a fixed annual amount to help pay for healthcare expenses. Unlike a Healthcare FSA where the IRS defines the eligible services, the employer defines the services eligible for reimbursement from an HRA.

Since an HRA is created and funded by the employer to pay for your employees’ eligible healthcare expenses, employers can decide which services will be covered under the HRA.

Reduce your out-of-pocket medical expenses by leveraging a Difference Card HRA.

 

Difference Card Flexible Spending Accounts

A Healthcare Flexible Spending Account (FSA) is designed to allow employees to set aside pre-tax dollars to pay for IRS-eligible related expenses such as medical, vision, dental, and other out-of-pocket expenses.

Depending on how the FSA plan is set up, you may be able to carry over unused funds to the following plan year.

The Difference Card makes accessing FSA funds a breeze!

The Difference Card can be funded with the employer’s Difference Card Account funds AND employee FSA dollars- all on one card! The Difference Card is programmed to know which account to take money from when swiped at the point of service.

 

Dental Difference 

Dental Insurance results in billions of dollars wasted annually. The average dental payout is only $362 per person annually, whereas the dental premiums are usually in excess of $600 per person per year. Forty percent of every dollar paid into dental insurance is lost. Turn this waste into potential savings by utilizing the Dental Difference.

Nationally, companies spend over $62 billion dollars per year on dental insurance. $25 billion of those dental benefit dollars go directly to Dental Insurance carrier margins.

Instead of giving the insurance company high fixed dental premiums, utilize the Dental Difference and only pay for dental claims that are actually incurred by your employees. Only pay for what you need.

Dental Difference offers Dental Coverage at 100% without the restrictions of traditional networks or insurance plans.

 

Dependent Care Accounts 

Child and dependent care is a large expense for many American families. Millions of people rely on child care to work, while others are responsible for older parents or disabled family members. Participants in a Dependent Care Account can save on these expenses while they work.

A Dependent Care Flexible Spending Account is designed to provide financial support to parents who work full-time and must find care for a dependent child or adult while they are working. Participants can set aside pre-tax funds from their paycheck for eligible expenses.

The Difference Card has simplified benefit solutions by making access to the funds in a DCA easy for members. Participants can use their Difference Card to access their funds by swiping the card or filing for reimbursement. Members can spend up to the amount taken out of their paychecks.

 

The Difference Benefit Admin System

The Difference Benefits Admin System is a comprehensive suite of products including a new online enrollment services platform, HR Portal, COBRA Administration, and our interactive benefit decision tool: DANNY!

With the new Difference Benefits Admin System, you will have access to our Online Enrollment Services Platform.

We can provide you with automated or self-service COBRA administration. In addition, the system can help you to better manage your employee benefit offerings such as Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, Vision Insurance, Dental Benefits, Commuter Accounts, Life and Disability Insurance.

Everything is handled automatically online with the system providing education on benefit options during open enrollment, to collecting employee elections or changes and finally delivering those elections to payroll and carriers. All without HR having to do to anything manually!

Streamline your benefit administration with the Difference Benefits Admin System.

 

COBRA Administration

COBRA, known as the Consolidated Omnibus Budget Reconciliation Act, allows employees and their families who lose employer sponsored health benefits the right to choose to continue the group health benefits for a limited time when they meet certain criteria.

Difference Benefits COBRA can help ease the burden of administering this benefit with our Classic or Enhanced COBRA options.

Classic COBRA

Includes a self-service portal for the employer to enter terminations, push out member billing, collect premiums and get access to reporting.

Enhanced COBRA

Includes the option to select the Online Enrollment Services Platform and allows for automated payroll and carrier integrations, COBRA notifications, member billing, premium collection, and reporting.

 

Commuter & Transit Accounts

A commuter account is an employer-sponsored benefit program that allows an employee to set aside pre-tax funds in separate accounts to pay for qualified mass transit, ride sharing, and parking expenses associated with your commute to work.

Besides being a tax-favored vehicle, mass transit commuter benefits accounts are advantageous because the funds last as long as you need them. Since the money is not linked to a benefit year, it will roll over into the next year until the participant spends it.

The Difference Card makes it easy for members to use their Commuter Account funds. Each member will have a Difference Card, which they can use at the time of payment to cover their bus voucher, parking pass or other qualifying commuting expense.

Interested in Learning more about The Difference Card suite of products? Request a Proposal below or contact your Sales Rep for more information.

Request a Proposal 

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