40 Square Cooperative Solutions offers Minnesota farm families the opportunity to own their health plan as a member of the first health care cooperative in the state. Collectively more than 1,000 Minnesotans have taken advantage of 40 Square’s health plan offerings.
Health Plans Are Owned by Members
40 Square health plans are self-funded, meaning, the 40 Square Health Plan Trust assumes the financial risk of the health plan being offered. Here’s how it works:
- A trust is established
- Stop-loss (reinsurance) is purchased to limit the risk and protect the health plan
- A third-party administrator is contracted to provide administrative services
Self-funded health plans allow for a more hands-on approach to the health care dollar. Feedback from health plan participants, along with claims utilization data, provide valuable information to make enhancements to the plans over time, thereby creating plan offerings that best fit the needs of its members. In the future, self-funding also allows for greater control and transparency of the health plan.
The 40 Square has seven health plans from which to choose, giving you the opportunity to make a selection that best fits the needs of you, your family, and your employees. Similar to traditional health plans, self- funded plans have an annual deductible, coinsurance and copays for which you are responsible.
Here are some of the benefits included with every plan:
- Routine preventive care paid 100%
- Well-child care paid 100% up to age six
- Routine doctor office visits, subject to a deductible or copay
- Prescription drugs, subject to a deductible or copay
- Hospital care and services
- Diagnostic X-ray and lab testing
- Chiropractic care
- Medical equipment
- 24/7 Telemedicine coverage
- Patient advocacy support
Dental, vision, hearing and life insurance benefits are also available on a voluntary basis.
- Life insurance
Understanding that networks can be limited in rural areas, 40 Square has partnered with PreferredOneto offer local, in-state provider network and an out-of-state extended network with the MultiPlan network.