Medican Healthcare Benefits Management (Medican Advantage) provides health risk management and third party administration of self-funded health benefit plans, providing management of healthcare products and services like doctor visits, dental work, prescription discounts and more!
Medican Advantage Self funded health benefit plans enables groups, employers or individuals set aside a fund for payment of medical expenses incurred by members or staff and their dependants, most of which are not included under a typical health care program.
Scheme benefits and limitations (rules) are determined by the group or employer and this makes the scheme more flexible.
Expenditure is spread out throughout the year rather than upfront payment of premium where the policy is insured.
In times of good claims experience savings would be realized.
Medican Services Ltd administers the client’s fund at a pre-agreed management fee.
Why a self-funded plan?
Organizations or groups provide health benefits to employees or members with own funds. Some of the advantages include:
- You can customize members/employees health benefits.
- Potentially lower costs for you and your employees/members.
- Pay as you go or by claim projections made weekly or monthly.
- Plan payouts are based on group’s claims experience, not a pooled or community group.
- More detailed reports about how your health care funds are being spent.