Leveraging extensive experience in the group benefits sector, Joseph DiBella serves as head of Conner Strong & Buckelew’s Employee Benefits Division. Speaking at the New Jersey Conference of Mayors, Joseph DiBella addressed the question Why Health Insurance Funds (HIFs)?
Employing a similar risk and business model as that pioneered by Joint Insurance Funds in the property and casualty sphere, HIFs offer municipalities a shared services way to manage costs while accessing efficient benefit delivery. Participating municipalities within counties are able to band together and oversee risk aspects of operations directly, rather than having them administered through the State Health Benefits Plan.
Accessible in New Jersey for more than two decades, HIFs have been adopted by more than 100 municipalities over the years. Recent developments have expanded their potential by allowing government entities such as school districts to leverage the economies of scale presented by their collective size and create HIFs as well. The bottom line is that, under the HIF model, reliance on single insurance carrier plans is lessened and a variety of features, from claims management to health and wellness capacities, are improved.
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