Level-funded & self-funded markets

These are the programs a broker can actually place a 10-to-300-life group with when the fully insured renewal is not the answer. Each record lists the states the program is available in, its published minimum and maximum group sizes, how it underwrites, what networks it offers, how surplus is handled and whose stop-loss paper sits behind it.

Availability and minimums change without notice, and several programs publish different figures on different pages of their own sites. Every field on this site carries its source and last-checked date. Confirm with the program before quoting.

11 vendors · updated 2026-09-07

Allied National

Carrier programLevel fundedReference-based pricing

Lives: 2 – no published max

Stop loss: Fidelity Security Life / Companion Life · A / A+

Underwriting

Individual medical questionnaires

Health questionnaires: Required

Surplus

Not published

Networks

Freedom Open AccessFreedom Hybrid

Vendor page

Angle Health

Carrier programLevel funded

Lives: 5 – no published max

Stop loss: Balanced Insurance Company of Utah (own carrier), fronted by Companion Life / Old Republic / Benchmark · A+ / A+ / A

Underwriting

Census only

Health questionnaires: Not required · under 2 minutes for firm bindable quote, held 90 days

Surplus

10% claims fund surplus refund opportunity

12/24 contract, 100% aggregate attachment

Networks

Cigna Choice Fund PPOAetna ASA PPOFirst Health PPONomi Health

Vendor page

Gravie Comfort

Carrier programLevel funded

Lives: 15 – no published max

Stop loss: Risk Solutions Insurance Company — Gravie's own Vermont captive, license #1086, managed by Aon

Underwriting

Claims experience

Health questionnaires: may be required · 6 business days

Surplus

50% at renewal

Networks

Aetna ASA PPOCigna OAPCigna LocalPlusHealth Payment Systems (HPS)XO Health

Vendor page

Great American Employer Health Solutions

Carrier programLevel funded

Lives: 10 – 100

Stop loss: Great American Insurance Company (writes its own) · A+ (Superior)

Underwriting

Census only

Health questionnaires: Not required · 0-3 business days

Surplus

Not published

Networks

Cigna OAPCigna LocalPlusRBP option

Vendor page

HealthEZ EZfunding

Carrier programLevel funded

Lives: 25 – no published max

Stop loss: Nationwide Life · A+

Underwriting

Not published

Health questionnaires: Not published

Surplus

100

100% of unused claim funds

Networks

Not published

Vendor page

Optimyl Benefits

Carrier programLevel funded

Lives: 2 – 300

Stop loss: North River (Crum & Forster) or Gerber Life · A

Underwriting

Census, then formal underwriting

Health questionnaires: Not published · varies

Surplus

50-100

employer elects 50-100% of unused claim funds

Networks

Cigna PPOCigna EPOLocal narrow / high-performanceRBP + PPO hybridFull RBP

Vendor page

Sana Benefits

Carrier programLevel funded

Lives: 2 – no published max

Underwriting

Census only

Health questionnaires: Not required · 24-48 hours

Surplus

Not published

credit or refund of unspent budget

Networks

Sana Care Partners (direct contracts)HealthSmart affiliate networkBenchmark-negotiated pricing

Vendor page

Trustmark Small Business Benefits

Carrier programLevel fundedReference-based pricing

Lives: 5 – no published max

Stop loss: Trustmark Life Insurance Company · A (Excellent), affirmed April 2026

Underwriting

Individual medical questionnaires

Health questionnaires: Required · as little as 5 business days

Surplus

100 (Traditional Cash Surplus, no terminal liability reserve deducted)

5 options — quote Traditional Cash Surplus

Networks

Aetna Signature AdministratorsCignaFirst HealthPHCSHealthcare HighwaysMidlands ChoiceFirst Choice HealthHealthlink OA IIISagamore PlusCofinityHealthy Choices RBP

Vendor page

TurnKey Health Plans

Program aggregatorLevel fundedSelf funded

Lives: 5 – no published max

Stop loss: shops the market — varies by placement · varies

Underwriting

Not published

Health questionnaires: Not published · quotes underwritten within 48 hours

Surplus

Not published

Networks

Varies by placement

Vendor page

Valenz Health Stop Loss

MGUSelf fundedLevel funded

Lives: 11 – no published max

Stop loss: SiriusPoint America / Gerber Life · A (upgraded from A- April 2026) / A+ (Superior)

Underwriting

Census, IMQs only if requested

Health questionnaires: conditional — 'if requested on proposal'

Surplus

Not published

NONE PUBLISHED

Networks

Valenz High-Performance NetworksRented national PPOVMS out-of-network repricing

Vendor page

Velora

Program aggregatorLevel fundedSelf funded

Lives: Not published – no published max

Stop loss: shops the market — varies by placement · varies

Underwriting

Varies by placement

Health questionnaires: varies

Surplus

Not published

claimed but unquantified

Networks

Varies by placement

Vendor page

Where each vendor is available

Based on each vendor's published state list. National vendors are marked in every state.

State	Allied National	Angle Health	Gravie Comfort	Great American	HealthEZ EZfunding	Optimyl Benefits	Sana Benefits	Trustmark Small	TurnKey Health	Valenz Health	Velora
AK	●	·	●	●	●	●	·	●	●	●	●
AZ	●	●	●	●	●	●	●	●	●	●	●
CO	●	●	●	●	●	●	●	●	●	●	●
HI	●	·	·	●	●	·	·	·	●	●	●
ID	●	●	●	●	●	●	·	●	●	●	●
IL	●	●	●	●	●	●	●	●	●	●	●
IN	●	●	●	●	●	●	●	●	●	●	●
IA	●	●	●	●	●	●	●	●	●	●	●
KS	●	●	●	●	●	●	●	●	●	●	●
KY	●	●	●	●	●	●	●	●	●	●	●
MI	●	●	●	●	●	●	●	●	●	●	●
MN	●	●	●	●	●	●	·	●	●	●	●
MO	●	●	●	●	●	●	·	●	●	●	●
MT	●	●	●	●	●	●	·	●	●	●	●
NE	●	●	●	●	●	●	·	●	●	●	●
NV	●	●	●	●	●	●	·	●	●	●	●
NM	●	●	●	●	●	●	·	●	●	●	●
ND	●	●	●	●	●	●	·	·	●	●	●
OH	●	●	●	●	●	●	●	●	●	●	●
OK	●	●	●	●	●	●	●	●	●	●	●
OR	●	●	●	●	●	●	·	●	●	●	●
PA	●	●	●	●	●	●	●	●	●	●	●
SD	●	●	●	●	●	●	·	●	●	●	●
TN	●	●	●	●	●	●	·	●	●	●	●
TX	●	●	●	●	●	●	●	●	●	●	●
UT	●	●	●	●	●	●	·	●	●	●	●
WA	●	●	●	·	●	·	·	·	●	●	●
WV	●	●	●	●	●	●	·	●	●	●	●
WI	●	●	●	●	●	●	●	●	●	●	●
WY	●	●	·	●	●	●	·	●	●	●	●

Markets questions

What is the difference between a carrier program, an MGU and an aggregator?

A carrier program is a level-funded or self-funded product sold by an insurer or its program manager. An MGU (managing general underwriter) underwrites and administers a program on behalf of a stop-loss carrier. An aggregator does not file its own product; it assembles a plan from a TPA, network and stop-loss carrier and shops the group across the market.

What does census-only underwriting mean?

The program prices the group from the employee census (ages, zip codes, tier elections) without individual medical questionnaires. Turnaround is usually fast and the quote is often bindable, but the program may re-rate at renewal based on actual claims.

Why is surplus sometimes contingent on renewal?

Some programs return unused claims fund only if the employer renews, or pay it as a credit against future fees rather than cash. Others pay cash regardless. The surplus terms on each vendor page show what the program publishes.

Why does the same program have different minimums in different states?

State stop-loss statutes set minimum specific deductibles, contract rules or laser prohibitions for small employers. Programs respond by requiring a larger group in those states. The finder applies the state-specific minimum automatically.

Route a group across markets

The finder applies state availability and group-size rules for you.

Open the finder

State	Allied National	Angle Health	Gravie Comfort	Great American	HealthEZ EZfunding	Optimyl Benefits	Sana Benefits	Trustmark Small	TurnKey Health	Valenz Health	Velora
AK	●	·	●	●	●	●	·	●	●	●	●
AZ	●	●	●	●	●	●	●	●	●	●	●
CO	●	●	●	●	●	●	●	●	●	●	●
HI	●	·	·	●	●	·	·	·	●	●	●
ID	●	●	●	●	●	●	·	●	●	●	●
IL	●	●	●	●	●	●	●	●	●	●	●
IN	●	●	●	●	●	●	●	●	●	●	●
IA	●	●	●	●	●	●	●	●	●	●	●
KS	●	●	●	●	●	●	●	●	●	●	●
KY	●	●	●	●	●	●	●	●	●	●	●
MI	●	●	●	●	●	●	●	●	●	●	●
MN	●	●	●	●	●	●	·	●	●	●	●
MO	●	●	●	●	●	●	·	●	●	●	●
MT	●	●	●	●	●	●	·	●	●	●	●
NE	●	●	●	●	●	●	·	●	●	●	●
NV	●	●	●	●	●	●	·	●	●	●	●
NM	●	●	●	●	●	●	·	●	●	●	●
ND	●	●	●	●	●	●	·	·	●	●	●
OH	●	●	●	●	●	●	●	●	●	●	●
OK	●	●	●	●	●	●	●	●	●	●	●
OR	●	●	●	●	●	●	·	●	●	●	●
PA	●	●	●	●	●	●	●	●	●	●	●
SD	●	●	●	●	●	●	·	●	●	●	●
TN	●	●	●	●	●	●	·	●	●	●	●
TX	●	●	●	●	●	●	●	●	●	●	●
UT	●	●	●	●	●	●	·	●	●	●	●
WA	●	●	●	·	●	·	·	·	●	●	●
WV	●	●	●	●	●	●	·	●	●	●	●
WI	●	●	●	●	●	●	●	●	●	●	●
WY	●	●	·	●	●	●	·	●	●	●	●

State	Allied National	Angle Health	Gravie Comfort	Great American	HealthEZ EZfunding	Optimyl Benefits	Sana Benefits	Trustmark Small	TurnKey Health	Valenz Health	Velora
AK	●	·	●	●	●	●	·	●	●	●	●
AZ	●	●	●	●	●	●	●	●	●	●	●
CO	●	●	●	●	●	●	●	●	●	●	●
HI	●	·	·	●	●	·	·	·	●	●	●
ID	●	●	●	●	●	●	·	●	●	●	●
IL	●	●	●	●	●	●	●	●	●	●	●
IN	●	●	●	●	●	●	●	●	●	●	●
IA	●	●	●	●	●	●	●	●	●	●	●
KS	●	●	●	●	●	●	●	●	●	●	●
KY	●	●	●	●	●	●	●	●	●	●	●
MI	●	●	●	●	●	●	●	●	●	●	●
MN	●	●	●	●	●	●	·	●	●	●	●
MO	●	●	●	●	●	●	·	●	●	●	●
MT	●	●	●	●	●	●	·	●	●	●	●
NE	●	●	●	●	●	●	·	●	●	●	●
NV	●	●	●	●	●	●	·	●	●	●	●
NM	●	●	●	●	●	●	·	●	●	●	●
ND	●	●	●	●	●	●	·	·	●	●	●
OH	●	●	●	●	●	●	●	●	●	●	●
OK	●	●	●	●	●	●	●	●	●	●	●
OR	●	●	●	●	●	●	·	●	●	●	●
PA	●	●	●	●	●	●	●	●	●	●	●
SD	●	●	●	●	●	●	·	●	●	●	●
TN	●	●	●	●	●	●	·	●	●	●	●
TX	●	●	●	●	●	●	●	●	●	●	●
UT	●	●	●	●	●	●	·	●	●	●	●
WA	●	●	●	·	●	·	·	·	●	●	●
WV	●	●	●	●	●	●	·	●	●	●	●
WI	●	●	●	●	●	●	●	●	●	●	●
WY	●	●	·	●	●	●	·	●	●	●	●

State	Allied National	Angle Health	Gravie Comfort	Great American	HealthEZ EZfunding	Optimyl Benefits	Sana Benefits	Trustmark Small	TurnKey Health	Valenz Health	Velora
AK	●	·	●	●	●	●	·	●	●	●	●
AZ	●	●	●	●	●	●	●	●	●	●	●
CO	●	●	●	●	●	●	●	●	●	●	●
HI	●	·	·	●	●	·	·	·	●	●	●
ID	●	●	●	●	●	●	·	●	●	●	●
IL	●	●	●	●	●	●	●	●	●	●	●
IN	●	●	●	●	●	●	●	●	●	●	●
IA	●	●	●	●	●	●	●	●	●	●	●
KS	●	●	●	●	●	●	●	●	●	●	●
KY	●	●	●	●	●	●	●	●	●	●	●
MI	●	●	●	●	●	●	●	●	●	●	●
MN	●	●	●	●	●	●	·	●	●	●	●
MO	●	●	●	●	●	●	·	●	●	●	●
MT	●	●	●	●	●	●	·	●	●	●	●
NE	●	●	●	●	●	●	·	●	●	●	●
NV	●	●	●	●	●	●	·	●	●	●	●
NM	●	●	●	●	●	●	·	●	●	●	●
ND	●	●	●	●	●	●	·	·	●	●	●
OH	●	●	●	●	●	●	●	●	●	●	●
OK	●	●	●	●	●	●	●	●	●	●	●
OR	●	●	●	●	●	●	·	●	●	●	●
PA	●	●	●	●	●	●	●	●	●	●	●
SD	●	●	●	●	●	●	·	●	●	●	●
TN	●	●	●	●	●	●	·	●	●	●	●
TX	●	●	●	●	●	●	●	●	●	●	●
UT	●	●	●	●	●	●	·	●	●	●	●
WA	●	●	●	·	●	·	·	·	●	●	●
WV	●	●	●	●	●	●	·	●	●	●	●
WI	●	●	●	●	●	●	●	●	●	●	●
WY	●	●	·	●	●	●	·	●	●	●	●