Aetna and the Boon Group® Expand Medical Plan Offerings
New agreement helps government contractors offer major medical and fixed indemnity insurance within their designated hourly fringe benefit rate
HARTFORD, Conn.--(BUSINESS WIRE)-- Aetna (NYSE: AET) announced today that it has expanded its relationship with The Boon Group®. Working with The Boon Group, Aetna will provide a family of insurance products specifically designed to help government contractors offer competitive medical benefits to their full-time and part-time employees.
The Boon Group is Aetna's exclusive distributor and administrator of the Aetna MedPremier major medical plan for full-time employees and the BenefitsPlus Plan, a fixed benefits plan for part-time employees working for government contractors. Both products feature Aetna's extensive network of participating health care providers and can be designed to meet specific applicable fringe benefit rates. Fringe benefit rates are the designated amount of money government contractors are required to provide employees for health and other benefits, in addition to the basic hourly wage, under Federal prevailing wage laws.
"We are excited about offering these products, which are specifically designed for our valued government contractor customers," said Sterling Boon, Chairman and CEO of The Boon Group®. "These products are designed to adjust coverage levels to meet the changing needs of government contractors and their employees and are seamlessly administered on our proprietary administrative platform," Boon continued.
Located in Austin, Texas, The Boon Group® has been specializing in the administration of employee benefit products to meet the unique needs of government contractors for 30 years. Working with Aetna, Boon is able to provide a wide range of plans that can be customized to meet any fringe benefit rate for any government contract.
"By extending our agreement with Boon, Aetna is able to provide a robust portfolio of affordable, customized products engineered exclusively for the government contract market segment," said Joseph L. Murgo, President of Aetna's Strategic Resource Company. "We believe there is significant growth opportunity within this large niche marketplace, and no one knows the segment and the unique needs of government contractors better than The Boon Group®".
About The Boon Group®
The Boon Group® is the parent holding company of The Boon Insurance Agency, Inc., Boon Administrative Services, Inc. (formerly named CEBA®), Boon Insurance Management Services, L.P.Boon Investment Group, Inc., and Healthy Archives, Inc. The Boon Group® was formed to enhance the position of these companies as a wholesaler of exclusive products and services. With over three decades of experience in providing products and services, The Boon Group has evolved into a national enterprise, becoming an industry leader in providing affordable benefit solutions to government contractors
Boon Group services include
- Helping contractors reduce costs
- Designing and implementing benefit packages that meet both the needs of the contract and the employees working on the contract
- Providing reliable and accurate compliance reporting
- Simplifying the administration of benefits plans
- Delivering excellent customer service
- Online employer and employee suite of tools
- Enrollment updates, information editing, eligibility, terminations, deduction history, hour tracking, qualified benefit changes and more
- Government focused In-house General Counsel
- Proprietary enrollment system for web-based, telephone, and paper enrollments
- HRA administration with HRA debit card
- Registered Investment Advisor offering open architecture retirement plans for government contractors
- Nationwide provider of worksite wellness programs delivered to job sites.
Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 36.1 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services and health information technology services. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.
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