Apr 07, 2020
Health Net is rolling out a low-cost benefit solution with relaxed underwriting guidelines. The exciting new Enhanced Choice Solutions underwriting program is already garnering a lot of attention because it gives brokers more opportunities to write large group business. The program is for new groups in the 101 to 500 eligible size segment that struggle to meet standard participation guidelines. It relies on Health Net’s best-selling Enhanced Choice Benefit portfolio.
The Details
- Group eligibility requirements: New groups 101-500 (new groups 500+ considered on a case-by-case basis). They must enroll in select Enhanced Choice Solutions plans
- A choice of up to three select Enhanced Choice Solutions plans
- Minimum employer contribution requirement is 50% of the lowest cost Health Net plan
- Total takeover participation requirements: 33% of total eligible employees or 33 active enrolled, whichever is greater
- Multi-carrier strategy participation requirements: 20% of the eligible population or 25 active enrolled employees, whichever is greater
Enhanced Service Standards
Health Net has also enhanced their service standards for brokers:
- Relaxed their Standard Industrial Classification (SIC) underwriting rules, giving brokers more options for competitive quotes
- Lowered their quote turnaround times to under 10 business days. And they reduced their pend rate to under 40%
Contact your LISI Regional Sales Manager to find out how this new solution can enhance your large-group portfolio.
