A Health Insurance JIF is a governmental entity regulated by the NJ Department of Banking and Insurance that creates the infrastructure for public entities to “share services” for the procurement and delivery of health benefits .
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State law created Municipal Health JIFs in 1991
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School Districts were allowed to establish Health Insurance JIFs in 1995
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Allows entities to band together for economies of scale
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To start a new Health Insurance JIF, there must be at least 2 entities and a minimum of 1,000 employees covered
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School Districts, Municipalities, Authorities, Counties and other public entities can be in the same Health Insurance JIF furthering the ability to create larger purchasing strength
A Health Insurance JIF and a Property & Casualty Insurance JIF are identical except one procures health insurance and the other procures property/casualty insurance
School Districts, Municipalities, Authorities, Counties and other public entities can be in the same Health Insurance JIF furthering the ability to create larger purchasing strength
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1 ) Northern Jersey Municipal Employee Benefits Fund
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2) Gateway BMED Fund
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3 ) Central Jersey Health Insurance Fund
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4 ) Southern New Jersey Regional Employee Benefits Fund
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5) School Alliance Insurance Fund (SAIF)
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6) Coastal Regional Health Insurance Fund
Why Health JIFs Work
By retaining the dollars you would otherwise pay an insurance company for routine benefits, you eliminate insurance company profit, reduce margin, overhead expenses, and applicable taxes that group insurance premiums include. These savings become available to help defray the expenses for claims and to pay the administrative costs for your program. The fund is owned and operated by its members and any surplus is returned to members in the form of dividends.
Benefits include:
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Saving money by reducing the expenses and profits included in insurance premiums
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Being able to maintain or change your benefits
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Enjoying reduced administrative costs by leveraging the total size of the Fund
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Capping your overall risk exposure at a manageable level
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Providing long - term stability in your health benefits program costs
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Containing your health benefits cost
The existing HIFs have a documented track record of stability and strong financial performance. This is because:
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There is interest and participation by the participating entities
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There are established “ground rules” to safeguard the integrity of the plan
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Risk Management Plans and By-Laws provide the framework for effective management and governance
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Long term solution for managing and delivering employee benefits
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Effective cost management has yielded favorable costs to participating employers
- Pooled rate increases
- Financial predictability
- Ease of forecasting and budgeting
- Dividend eligible
MRHIF Reinsurance Program
Available coverage
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Specific coverageReimburses the MRHIF member (local HIF) for claims from any one person per contract year that exceeds its self insured retention “SIR”
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Aggregate coverageReimburses the MRHIF member (local HIF) for eligible claims for the entire group that exceed a predetermined amount, typically 120% of expected claims.
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FUND INFORMATION
PUBLIC RECORDS
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©2018 Municipal Reinsurance Health Insurance Fund
