Why is MIT different from other health insurance products in the commercial market?
Thursday, October 24, 2019
MIT feels a lot like a “fully insured” model in that each participating employer pays premiums and does not face additional financial exposure in the event of high dollar claims, nor does it have the burden of completing yearly documents to meet regulatory compliance with government agencies. Yet, as a self-funded health plan, MIT offers participating employers several advantages over a fully insured health plan. One advantage is that participating employers are generally able to decrease their health care premiums by joining together with other similarly-situated employers to create a larger experience pool. Another advantage is participating employers’ abilities to directly affect their premium costs through wellness and other health initiatives.