NAICS 525120 - Health and Welfare Funds
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What is NAICS 525120
NAICS code 525120 covers health and welfare funds, which are legal entities established to provide a range of employee benefits including medical, surgical, hospital, vacation, training, and other health- and welfare-related services exclusively for the employees or members of the sponsor organization. These entities are typically organized as funds, plans, or programs designed to manage and administer employee benefit plans in a structured and compliant manner. Businesses operating in this sector play a critical role in managing employee benefits and ensuring access to essential health and welfare services.
Industry Classification for NAICS 525120
This industry comprises legal entities (i.e., funds, plans, and/or programs) organized to provide medical, surgical, hospital, vacation, training, and other health- and welfare-related employee benefits exclusively for the sponsor's employees or members.
Breakdown for NAICS 525120
- Covers legal entities organized to provide health- and welfare-related employee benefits exclusively for sponsor employees or members.
- Includes medical, surgical, hospital, vacation, training, and other employee welfare benefits.
- Applies to funds, plans, and programs focused on employee benefits management and administration.
- Typical contract sizes vary depending on the sponsor's employee population and benefits complexity.
- Often involves multi-year contracts with federal agencies managing employee health plans.
Included Activities for NAICS 525120
- Administering health and welfare benefit plans for employees or members.
- Managing fund collections and disbursements related to employee benefits.
- Coordinating medical, surgical, and hospital benefit coverage.
- Ensuring compliance with federal and sponsor-specific benefits regulations.
- Providing training and support related to employee welfare programs.
- Reporting and auditing fund performance and usage.
- Developing and maintaining employee vacation and other welfare benefit plans.
- Implementing systems for efficient benefits claims processing.
Business Types for NAICS 525120
- Employee benefit funds and trusts
- Health and welfare benefit administrators
- Third-party benefits management organizations
- Nonprofit employee benefit plans
- Government employee health benefit programs
- Specialized fund management service providers
Subcategories for NAICS 525120
- Employee benefit plans (except pension)
- Funds, health and welfare
- Health and welfare funds
- Plans, health- and welfare-related employee benefit
- Union health and welfare funds
Government Buyers for NAICS 525120
Government agencies that manage large employee benefit programs, such as the Department of Veterans Affairs, Department of Defense, and various federal employee health benefit programs, frequently contract for services under NAICS 525120. These agencies require specialized funds management and administration expertise to deliver comprehensive health and welfare benefits to their employees and retirees efficiently and in compliance with federal regulations.
Contract Types & Procurement for NAICS 525120
Contracts in this NAICS category often involve service agreements for fund administration, benefits management, and health plan coordination. Common procurement methods include competitive bidding and negotiated contracts, often through Request for Proposals (RFPs). Contract values can range from mid-size service contracts to large, multi-year agreements depending on the scale of the employee base and complexity of benefits administered.
Details for NAICS 525120
Explore the hierarchy and related codes for this industry
| NAICS Code | Industry Title |
|---|---|
| 52512 | Health and Welfare Funds |
| 5251 | Insurance and Employee Benefit Funds |
| 525 | Funds, Trusts, and Other Financial Vehicles |
| NAICS Code | Industry Title |
|---|---|
| 525110 | Pension Funds |
| 525190 | Other Insurance Funds |
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