FUND OVERVIEW

EXECUTIVE DIRECTOR - JAMES RHODES

Perma Risk Management Services Inc.

PROGRAM MANAGER- DAVID VOZZA

The Vozza Agency Inc.

HIF Statistics

  • $470+ million annual benefits budget

  • 96,010 member lives

  • State-Wide Re-Insurance Fund for employee benefits

  • Solid financial performance and claim reserves, conservative underwriting and actuarial management

  • 2.19 Average Rate Decrease over the last 5 years

Health Insurance JIFs N.J.S.A. 40A:10 - 36, 40A: 10-52

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 .

  • State law created Municipal Health JIFs in 1991
  • School Districts were allowed to establish Health Insurance JIFs in 1995
  • Allows entities to band together for economies of scale
  • To start a new Health Insurance JIF, there must be at least 2 entities and a minimum of 1,000 employees covered
  • 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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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

  • 1 Northern Jersey Municipal Employee Benefits Fund
  • 2 Gateway BMED Fund
  • 3 Central Jersey Health Insurance Fund
  • 4 Southern New Jersey Regional Employee Benefits Fund
  • 5 School Alliance Insurance Fund (SAIF)
  • 6 Coastal Regional Health Insurance Fund
  • 7 Metropolitan Health Insurance Fund
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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:

  • Saving money by reducing the expenses and profits included in insurance premiums
  • Being able to maintain or change your benefits
  • Enjoying reduced administrative costs by leveraging the total size of the Fund
  • Capping your overall risk exposure at a manageable level
  • Providing long - term stability in your health benefits program costs
  • Containing your health benefits cost

MRHIF Reinsurance Program Available coverage

Specific coverage

Reimburses the MRHIF member (local HIF) for claims from any one person per contract year that exceeds its self insured retention “SIR”

Aggregate coverage

Reimburses 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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Dave Vozza is ready to work with you and help you navigate the program.

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