Healthcare Solutions: Purple Cow’s TPA Plan

The inclusion of health insurance is integral to any strong employee benefits package. Paying for PhilHealth is part of this as required by law. However, that’s not enough to stay competitive in attracting and retaining talent. And it’s rarely ever enough cover for your employees’ medical expenses in case of emergencies. You’ll still need to provide private insurance on top of it, which doesn't exactly come cheap.

If you’re on a tight budget, you might think that you’re now in a tricky situation where you only have two options: pay up or forego the benefits of private insurance. But that doesn’t have to apply to you; you’re just part of a niche that’s not as widely catered to as all the rest. And when it comes to that type of market, Purple Cow is the best provider.

 

Catering To The Niche

You see, Purple Cow hits that so-called “sweet spot” for growing businesses with distinctive needs; it occupies the middle ground between PhilHealth benefits and HMO limits; and it bridges the gap between the healthcare coverage of social and private insurance.

One of Purple Cow’s options is a third-party administrator (TPA) plan. This plan is a self-insuring healthcare solution wherein the third-party assumes the risks and pays all the insurance claims on behalf of the insurer.

What’s different about it from standard insurance is that it works on a cost-plus basis, meaning if you don’t use it, you don’t lose it. It’s able to do this because you’re only paying for what you use.

This also allows it to be highly customizable, letting you make your own rules and set your own benefits, limits, and exclusions. That way you’re not paying for something that you might not necessarily need; at the same time, you’re able to have full control over your healthcare budget without compromising the benefits you provide.

 

Why Purple Cow?

TPA plans aren’t entirely unique to Purple Cow. In fact, a number of HMOs are similarly offering them today. But there are a number of things that set Purple Cow’s TPA plan apart from the competition.

For one, you’ll have to ask permission from HMOs to waive limits and exclusions; whereas in Purple Cow you have absolute power to do this on your own; it’s faster and saves you from having to go through reviews.

Another advantage of Purple Cow is that it grants you the ability to make your own hierarchy rules. Most HMOs in comparison already have pre-set rules for you. And if they ever wanted to give you that same privilege, it’s on a case-to-case basis.

Purple Cow also allows smaller, non-corp groups to apply for TPA; it doesn’t discriminate with size, unlike HMOs which only considers large groups for this type of plan.

Best of all, Purple Cow’s plan uses an alternative cost structure that lowers the price of premiums and ups your total savings. You can even add optional benefits and optional terms and conditions to your plan according to your needs. These include executive check-ups, maternity benefits, reimbursements for the former; and annual benefit limits, independent of PhilHealth, rolling admissions policy, and no-fault coverage for the latter.

 

Everybody Benefits 

It cannot be emphasized enough how important it is to find the right healthcare solution for your group; it’s something that benefits everyone, from top executives to the finance team to human resources to the employees themselves.

Look at this way, having health insurance provides employees with financial security. It spares them from costly out-of-pocket expenses when they get sick or need medical attention. As for finance, it limits their liability to what’s on the card, helping them control expenses and better manage the company’s cash flow. Human resources, meanwhile, can have an easier time of attracting new employees to join the company and negotiating with existing ones to stay. Finally, the top executives and bosses can take comfort in knowing that they’re playing a part in shaping their employees’ careers and generously compensating them for their hard work.

You may directly contact Bridges-PH for more information about Purple Cow’s TPA plan. We welcome the opportunity to conduct a presentation for you.