WakeMed
Overview
WakeMed sponsors a self-funded health plan that covered 8,946 participants in plan year 2025, down 6% from the prior year. The plan year starts in January. Alongside medical, its benefits filing reports life insurance, vision, short-term disability, prepaid legal, and more.
- Plan type
- ERISA welfare benefit plan, self-funded (benefits paid from employer assets or a trust)
- Participants
- 8,946 · prior year 9,559
- Plan year
- Begins January 1 · next renewal January 2027
- Health plans filed
- WakeMed Flexible Compensation and Welfare Benefits Plan, plan 501 (8,946 participants)
- Broker compensation
- $1.1M across insured contracts
Insurance carriers
Insured coverage reported on Schedule A. Self-funded medical claims aren't reported there.
| Carrier | Coverage | Covered | Premium | Broker comp |
|---|---|---|---|---|
| The Lincoln National Life Insurance Company | Life, Long-term disability, Short-term disability | 13,363 | $9.4M | $584K |
| Reliastar Life Insurance Company | Accident, Critical Illness, Hospital Con | 5,170 | $1.9M | $483K |
| Fidelity Security Life Insurance Company | Vision | 13,746 | $1.2M | — |
| Pre-Paid Legal Services Inc. DBA Legalshield | Legal Services Plan Memberships | 1,131 | $173K | $33K |
Pharmacy benefit estimate
StreamRX estimate for a plan this size. Not based on this plan's claims.
Estimated prescription spend: 8,946 participants × $2,371 national average per member. Usually higher once dependents are counted.
Typical savings opportunity found in independent reviews of plans this size.
Form 5500 filing details
- Filing
- Form 5500 with Schedule A, plan year 2025
- Plan sponsor
- WakeMed
- Sponsor EIN
- 56-6017737
- Plan number
- 501
- Filed with
- U.S. Department of Labor (EBSA) via EFAST2
Verify this filing: search EIN 56-6017737 in the Department of Labor's EFAST2 Form 5500 search.
Retirement plan
- Plan
- WakeMed Retirement Savings Plan
- Type
- 401(k) plan
- Participants
- 16,757
About this data
Source: WakeMed's Form 5500 filing for plan year 2025 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 WakeMed.