Preferred123

A defined contribution program

Preferred123 is an easy way for employers to offer their employees choice in health care coverage and providers while managing benefit cost to a defined budget. The plus is employees can either buy up to better coverage with an expanded provider network or select a lower cost plan and save. Here is how it works:

Employers

• The employer reviews the package of PreferredOne plan designs and provider networks each employee will choose from.
• The employer sets a flat dollar amount they want to contribute to each employee’s health care benefits.
• The employer has flexibility in selecting how potential unspent employer contributions are directed, either to a HRA or HSA.

Employees

• The employee selects the plan best suited for them based on cost, coverage and providers.
• The employee either buys up or saves based on their selected benefit and network.
• PreferredOne offers benefit selection tools to help employee compare plans.

Why Preferred123?

• No more one size fits all. Increase employee satisfaction with a range of plan designs and provider networks to choose from.
• Budget to a fixed cost. By setting a flat dollar contribution per employee, the employer can predict their cost and employees can select the plan that fits their budget. And with Preferred123 there is no HRA administrative fees.
• Make it easy. Preferred123 makes it simple for employees to select the right plan. Benefit Selection Tools and PreferredOne enrollment advisors are available to assist employees with benefit choices.
• Save for the future. Unspent employer contributions can be directed to a HRA or HSA for future health care expenses.
• Health and wellness resources. Improve the health of employees and their families with acomplete suite of care management and wellness programs.

For more information on Preferred123 contact your broker or call PreferredOne at 763.847.4007.