Understanding Self Funded Verses Traditional Plans
One question we periodically receives is in regards to understanding self funded verses traditional plans. To consider your options you have to have an understanding of what self funded plans are.
There are many different types of self-funded arrangements and in most cases, something for most every size company. We have strategic and carrier partners that specialize in self-funding, in either bundled or unbundled plan arrangements. Although our smallest client began with a mere nine employees, they have been running right around twelve employees for years with an average savings of around 16%.
While that is a rather unique case, you don’t need to hundreds or even thousands of employees for this to make sense for your company. At around 25 employees, self-funded plans can offer viable and tangible results, not only in terms of premium savings, but also in the health culture of your employees. Do you want to see your company go from playing carrier and benefit volleyball each year, to a long term strategy that could change the course of how your company sees and utilizes their health benefits in a more positive environment? If your answer to this question is yes, then keep reading.
There are many factors in determining whether a self-funded plan is the right solution for your company and that is where we begin. The benefits to a self-funded benefit arrangement can be many (design, claims reporting, flexibility, improved employee health and lower over-all costs to name a few), but determining the right design will depend on your groups culture, demographics and current program. All said, it is not complicated, but it certainly can be if you do not have the right design, insurance partners and team in place.
While it has been said, knowledge is power, we believe that knowledge implemented correctly is empowered employees. With the new health care law, new taxes and implementation guidelines changing almost daily, health care benefits for your company is going to get tougher not easier. Let us show you our vision for how health care benefits will be done in the future and make a positive impact on your employees, company and community. From wrap, plan docs and 5500 filings, to online electronic enrollment, compliance, wellness and reporting, we have the relationships, team and experienced partners to improve your entire program to mention reduced stress and staff involvement.
Interested in Self Funded verses traditional plans? Contact us at 310-414-9524, via email at [email protected], or by completing our Fast Form below.
