Overview
A Minimum Premium Plan (MPP) is a specialized insurance arrangement suitable for self-insured groups where an insurance carrier manages claim administration and insures against large claims for a fee. This hybrid arrangement blends self-insurance a commercial insurance while aiming to mitigate higher risks and stabilize premium costs.
How It Works
Under an MPP, an employer agrees to self-fund a fixed percentage (commonly 90%) of the projected monthly claims. The insurer covers the remainder, providing a safety net for high or unexpected claims.
Advantages
Cost Control and Savings: The plan discipline ensures that the insurance carrier handles only claims that exceed arnormal frequency or cost. This helps in controlling costs while linking them strongly to actual claims made.
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