Health Plans, Inc.

Westborough, MA Finance & insuranceNAICS 524290

Self-funded health planPlan year 2024Renews January
529ParticipantsFirst year on file
$1.3MEst. pharmacy spend / yrParticipants × national avg.
Jan 2027Next renewalPlan year begins January 1
#20 of 20Finance & insurance in MABy participants

Overview

Health Plans, Inc. sponsors a self-funded health plan that covered 529 participants in plan year 2024. The plan year starts in January. Alongside medical, its benefits filing reports life insurance, dental, vision, short-term disability, and more.

Plan type
ERISA welfare benefit plan, self-funded (benefits paid from employer assets or a trust)
Participants
529
Plan year
Begins January 1 · next renewal January 2027
Health plans filed
Health Plans, Inc. Group Medical Plan, plan 501 (529 participants); Health Plans, Inc. Cafeteria & Medical Reimbursement Plan, plan 510 (171 participants)
Broker compensation
$11K across insured contracts
MedicalLife insuranceDentalVisionShort-term disabilityLong-term disabilityDeath benefits

Insurance carriers

Insured coverage reported on Schedule A. Self-funded medical claims aren't reported there.

CarrierCoverageCoveredPremiumBroker comp
United of Omaha Life Insurance CompanyLife, Long-term disability807$231K$11K

Pharmacy benefit estimate

StreamRX estimate for a plan this size. Not based on this plan's claims.

$1.3M/ year

Estimated prescription spend: 529 participants × $2,371 national average per member. Usually higher once dependents are counted.

$33K–$80K/ year

Typical savings opportunity found in independent reviews of plans this size.

Brands with a generic available$10K–$24K
Lower-cost therapeutic alternatives$14K–$29K
Generic pricing vs. actual cost$6K–$18K
PBM contract terms$3K–$9K
The DOL's PBM fee disclosure rule first applies to this plan for the plan year beginning January 2028: semiannual PBM compensation reports and an annual audit right.

Form 5500 filing details

Filing
Form 5500 with Schedule A, plan year 2024
Plan sponsor
Health Plans, Inc.
Sponsor EIN
04-2734278
Plan numbers
501, 510
Filed with
U.S. Department of Labor (EBSA) via EFAST2

Verify this filing: search EIN 04-2734278 in the Department of Labor's EFAST2 Form 5500 search.

Retirement plan

Plan
Health Plans, Inc. 401(k) & Profit Sharing Plan
Type
401(k) plan
Participants
1,173

About this data

Source: Health Plans, Inc.'s Form 5500 filing for plan year 2024 and its Schedule A insurance reports, published by the U.S. Department of Labor. "Self-funded" means the filing reports benefits paid from employer assets or a trust, with no medical insurance contract or with a stop-loss contract. Pharmacy figures are StreamRX estimates based on national averages. StreamRX is not affiliated with Health Plans, Inc..

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