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®”.