What Is an ERISA Health Insurance Plan?

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ERISA health insurnace plans are a type of fully insurance health insurance plan. Learn about an ERISA health insurance plan with help from the president of The Stratford Financial Group, Inc. in this free video clip.

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Video Transcript

Hello, I'm Jeffrey Ingalls; President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. And right now, we're going to talk about what is an ERISA health insurance plan. Most employers offer a fully insured health insurance plan. Meaning they play a set premium each month and their monthly premiums are not immediately reflected of the claims activity of their particular group. Fully insured plans are governed by a state's Department of Insurance. It must comply with the health insurance regulatory demands of that particular state. An ERISA health insurance plan is an employer funded plan and is governed by the employee Retirement Income Security Act, also known as ERISA. This is a federal law that was passed in the 1974 which set standards for many employee benefit plans including health insurance. Most ERISA plans are level-funded or partially self-funded. They may have an insurance element that offers specific or aggregate protection, but still fall under the guidelines of ERISA. Typically, larger employers would be self-funded and will therefore fall under the restrictions and guidelines of ERISA. My name is Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com and you just watched what is an ERISA health insurance plan. Thank you.

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