Level funded groups can underwrite, but other than that, how does the way ASO groups are rated differ from the way AHPs are rated?

Theoretically there’s nothing different, however, keep in mind that the UHC AHPs are fully-insured. So it’s fundamentally a different product so the factors used could be different.

This is definitely a carrier decision. A carrier could apply one set of rate factors to a self-funded plan and another to an AHP.

Again, it’s probably a good idea to look at both to see when and where there is a fit.