HOW OML-HP WORKS

  • OML-HP  does not sell a plan of benefits for Medical, RX, Dental, Vision or Life. You have complete control over the benefits offered to employees including dependents and they can be changed at any time.


  • OML-HP  is the funding mechanism that makes the entire system work.


  • OML-HP provides PPO network solutions after an in-depth study of past claims data. A network will not be successful without a provider list that satisfies the user population. A network will also not be successful without a strong discount to provide savings to the plan. We work very hard studying the data to accomplish both issues above.

 

  • Larger numbers allow for volume purchasing of administration cost. Today SCOIC is averaging administration cost over 4000+ employee lives or 10,000 insureds. Our administration costs have maintained below 3% as insurance carriers fight to stay below 15%. This creates a 12% immediate funding benefit to our employee population.

  • Large dollar claims are pooled to average out the cost over a greater number of insureds. This provides rate stability over multiple years.


  • OML-HP  also operates an internal pool to lower the cost of stop-loss insurance by reducing the overhead cost of Stop-Loss insurance. Today OML-HP/SCOIC has no involvement with an insurance carrier until a claim would be greater than $1,500,000 within our 12-month Stop-Loss period.


  • A self-governing board made up of a group representative from each covered entity manages the entire plan with input from claims administrators, consultants and preferred provider networks.

  • Accurate real time live data allows for realistic projections of costs moving forward without including insurance carrier profits.

  • Funding factors are released 90 days prior to renewal allowing for plenty of time to make adjustments at the entity level.