As leaders in the student health insurance industry, Wellfleet Student is always finding ways to create long-lasting value for our members and clients. We created the Wellfleet Partnership Plan to give back to our clients and support the health and wellness of their campus.
Since 2012, the Partnership Plan has given back more than $10 million to policyholders. This money has directly benefited students by funding programs that promote wellness on campus.
In this blog, we’ll show you how our partnership plan works, how it helps schools, and how one of our clients has benefited.
Learn more about Wellfleet’s 30-year history in student health insurance.
What are the benefits of the Partnership Plan?
The Partnership Plan is ideal for schools that want to form a long-term partnership with their health insurance carrier. When you have this plan, we focus on optimizing the underwriting for your school to reduce your costs.
Basing our underwriting on your past performance and future predictions, we return any premium difference to you the following year. This plan is ideal for schools that want a stable and enduring relationship with their carrier, vs. being forced to bounce around between carriers every year or two to find the lowest short-term cost.
The key benefits of choosing this type of student insurance plan include:
- Due to full transparency and long-term stability – This plan allows you to create a strong, enduring relationship with your carrier
- Optimized underwriting, which reduces premium costs over the long term
- The return of excess premium, which you can then use to offset future premiums or help fund wellness initiatives on campus
Wellfleet’s commitment to students is at the heart of all we do. See how we saved a plan $214,000 by catching a provider billing mistake.
What can schools do with returned funds?
Schools have several options for how they can use their returned premium dollars if they performed under the loss ratio for the prior plan year. Because we collect premiums from students, the returned funds are intended for the students, not the school itself. That means the school will use these funds for the benefit of their students. The three options schools have for using these funds are:
- To lower the cost of future premiums
- To improve student health on campus
- To refund the premium to the students
One of the most popular ways to use returned funds is for projects that benefit student health on campus. Examples of how a school could apply this money include:
- Making improvements to the student health center
- Hiring more providers at the campus counseling center
- Offering free preventative care services like immunizations
- Sponsoring a healthy living program on campus
- Providing recovery resources for students struggling with addiction
University case study: A successful decade on the Partnership Plan
One of our partner schools, a public university in the U.S. with 32,000 students — and 2,500 members on the student health plan — has been a part of the Partnership Plan for since 2015. It has received a return of premium every year except one, totaling more than $1.6 million in refunded premiums over the years.
| Client’s refunded premium by year | |
| Plan year | Refund amount |
| 2015-16 | $315,000 |
| 2016-17 | $479,000 |
| 2017-18 | $94,000 |
| 2018-19 | $10,000 |
| 2019-20 | $310,000 |
| 2020-21 | $457,000 |
| Total refunds | $1,665,000 |
The most recent refund of $457,000, for the 2020-21 plan year, will be used to update the radiology department equipment in their student health center. They have used their other refunds for a variety of student health initiatives. For example, one year they purchased a health center van that they used to visit rural campuses and provide healthcare services.
“This client’s student health plan has robust features, sound underwriting, and favorable rates, plus they appreciate the refund so they can improve student health on campus,” said Juan Campbell, VP of Sales and Client Relations at Wellfleet.
By participating in the retrospective premium agreement, this school can get any excess premium back and use it for initiatives that benefit the health and wellness of their students.
In an industry where it’s all too common to jump from one carrier to the next year after year, this school has chosen to stay with Wellfleet over the long term. With Wellfleet, they enjoy service from the only health plan built exclusively for students, along with benefits of the Partnership Plan to make the lives of their students better.
Learn more about Wellfleet
Visit WellfleetStudent.com to learn more about the Wellfleet Partnership Plan and how we can create a health plan tailored to your students.
Resources
1 Not available in all states. Self-funded schools are not eligible for the Partnership Plan program. For partner to be eligible for payment, they must realize a loss ratio within the range mutually agreed upon before the start of the plan year. Contact your Wellfleet sales representative for full plan details.
Wellfleet is the marketing name used to refer to the insurance and administrative operations of Wellfleet Insurance Company, Wellfleet New York Insurance Company, and Wellfleet Group, LLC. All insurance products are administered or managed by Wellfleet Group, LLC. Product availability is based upon business and/or regulatory approval and may differ among companies.
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