Founded in 1984, PreferredOne is Big On Essential Services, the services that make a positive difference in administering health care benefits through tailored planning, flexible options, superior customer service and applied technology.

Over 325 employees in one location in Golden Valley, Minnesota, administer coverage to more than 8,000 employer groups with over half a million members through networks providing access to more than 12,700 physicians (6,300 primary care and 6,400 specialists), 240 plus hospitals and numerous pharmacy benefit management providers, reinsurers and national/regional PPO networks.

As a health benefits administrator, PreferredOne offers a full-range of products, services and networks to brokers, employers, members, insurance companies and third-party administrators throughout Minnesota and the Upper Midwest.

About Preferred One

PreferredOne Insurance Company (PIC) was introduced and operationalized, specializing in employer stop loss, as well as group and individual insurance products. The PIC stop loss product was originally offered in 2005 and was accepted by 21 employer groups with a total of 10,200 members. In July of 2006 the Individual plan was offered and in recent years has grown to over 1,600 members. In January of 2007 PIC introduced a group product combining a high deductible plan with a health savings account. Most recently, in September of 2008, PIC introduced a Short-term medical plan and there are even more new individual products just around the corner for the family, dependents and self employed.

PreferredOne offers a wide range of services including utilization review, medical case management, flexible spending accounts, health reimbursement arrangements, COBRA continuation, health savings account qualified plans, short term disability, individual short term disability and fitness discount programs.

Preferred One, Inc.

Corporate Headquarters:
6105 Golden Hills Drive
Golden Valley, MN 55416
763-847-4000
Employee Number:
330
2008 Revenue:
$40 Million

Product Types Offered

Individuals

Qualified High Deductible Plans for Individuals and Families.
Ideal if you need permanent personal or family coverage - and you want affordable coverage plus the tax advantages of an optional health savings account.
All high deductible plans offer affordable plan designs through higher deductibles, and the flexibility of four deductible levels to choose from. All plan designs may be paired with a Health Savings Account (HSA), which helps you save and pay for medical expenses.

Short Term Medical for Individuals and Families
Temporary health insurance coverage for those who are between jobs, waiting for individual coverage approval, recent graduate, or looking for an alternative lower cost to COBRA rates. Whatever the reason, there are times when you find yourself without health care coverage and in need of a short-term coverage solution to protect your health and financial well being.

Employers

PreferredOne Community Health Plan – PCHP
PreferredOne Community Health Plan (PCHP) is an excellent HMO choice for employers who want the predictability and limited exposure of a fully insured plan. PCHP is attractive to employees in terms of open access to an extensive network of primary and specialty care, superior customer service, and a variety of attractive benefit options.

PreferredOne HRA Plans
In a PreferredOne HRA plan, employers allocate an annual credit to an employee’s HRA account that may be used to cover the out-of-pocket medical expenses in a PreferredOne high deductible plan. All HRA balances are employer owned. If the employer allocations are not used by the end of the plan year, balances may be carried forward to the next year. It is up to an employer to determine the carryover arrangements for any unused balances. HRAs are not portable – individuals do not take the balance with them when they leave a job.

PreferredOne HSA Plans
Now, on the heels of its recent legislative availability, PreferredOne is introducing a variety of qualified high deductible plans for use with Health Savings Accounts (HSAs).  A Health Savings Account is an individually owned, tax-exempt trust account. Employers and/or employees can make tax-free contributions to the account. HSAs provide tax-deductible contributions and tax-free interest growth to pay for qualified out-of-pocket medical expenses in a PreferredOne high deductible plan and/or save for retirement.

Medicare Plans

Medicare is the nation’s largest health insurance program, covering 40 million Americans. It was designed to provide high-quality health care to people 65 and over, as well as to others with disabilities.

Provider Network

Preferred Provider Organization (PPO) - "Best in the Upper Midwest"
PreferredOne is the upper Midwest’s leading Preferred Provider Organization (PPO) – a network of physicians, clinics, hospitals and other health care providers who have agreed to deliver quality cost effective health care services. Access to the PreferredOne PPO network is available to employers, insurance companies and third party administrators looking for affordable quality health care.

Click Here to access PreferredOne’s Provider Network Search Online

Network Facts

Membership:
Members: 536,000 (includes TPA, HMO and PPO).
Employers Served: More than 8,000.

Network:
Nearly 350,000 employees and their dependents in 7,000 groups use the PreferredOne PPO network. The PreferredOne PPO serves more than 125 insurance companies and third party administrators.

Recent News

Here are some of the most recent news regarding Preferred One:

There are no recent News to Report.

Rating

Preferred One’s rating, as rated by A.M. Best Company. A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.

Financial Strength Rating
Rating: B- pd (Fair)
Financial Size Category: V ($10 Million to $25 Million)
Outlook: Not Applicable
Action: Downgraded
Effective Date: June 06, 2008