Self-funding and administrative solutions from UltraBenefits
Fallon’s subsidiary, UltraBenefits, Inc. is a Third Party Administrator (TPA) that specializes in offering employers innovative solutions to help control their employee benefit plan costs. Through UltraBenefits, Fallon is able to accommodate self-funded alternatives that help employers and their employees manage their health care spending wisely.
HRA and high-deductible administration
- Available with all Fallon plan design options
- Direct claims feed to UltraBenefits
- Benefit payments made directly to providers
More about Health Reimbursement Accounts
Fallon’s unique arrangement with UltraBenefits makes HRA set-up easy. An HRA can be created with any Fallon plan design option. Having an HRA allows employers to offer a more affordable and flexible plan for their employees.
An HRA is an employer-owned account that is used to reimburse participating employees for qualified, out-of-pocket medical expenses (e.g., copayments, deductibles) that are identified and agreed to by the employer.
Groups who elect UltraBenefits contract directly with them and receive separate bills from UltraBenefits and Fallon. An employer’s Fallon account manager will help them through the HRA setup process.
- Medical, dental and short-term disability administration
- Access to the Fallon network options as well as other regional and national medical networks
- Access to highly rated reinsurance carriers
- Full web capabilities
- Stand-alone FSA administration
More about partial self-funding
UltraBenefits provides high quality administration services for self-funded employers including the assignment of a dedicated account specialist to each employer to manage the plan more effectively. Besides the administration of the plan, UltraBenefits provides various options for stop loss insurance and plan design consultation in the building of a cost effective benefit program.
More about Flexible Spending Accounts
UltraBenefits also offers a health care Flexible Spending Account (FSA) in conjunction with any Fallon plan design option or with another health plan option. An FSA is a tax-advantaged account set up and owned by the employer, but the employee typically is the one who funds the account on a tax-free basis through payroll deduction. The money can be used to pay for medical expense, such as copayments, deductibles and prescriptions. Now, any FSA started through UltraBenefits uses Benny™, the Prepaid Benefits Card that works like a debit card to access the FSA funds, making the process faster, easier and more convenient than ever.
Learn more about funding and administrative solutions
For more information about Fallon’s UltraBenefits partnership, contact your broker or call us at 1-800-333-2535.