Benefits Supermarket

Self-Insuring

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Self-Insuring: Investing in Employee Health

Are you considering an alternative funding method for your small business’s health insurance policy? Let us help you find the self-insured solutions to better control costs and manage employees healthcare.

A self insured health plan gives employers more control over managing healthcare costs for their company. With traditional fully-funded insurance plans, the employer pays a monthly premium to the insurance carrier to handle all of the employee claims that are filed. With self-insuring, the employer is able to allot funds to pay for each claim. Self-funding your company’s insurance policy may seem risky at first, but there are several ways that self-insuring can benefit your business.

Taking the Mystery out of Your Company’s Healthcare Costs
Participating in alternative funding can be no riskier than opting for a fully funded plan, and if your plan shows a profit, your business will benefit with a self-insured plan as opposed to a traditional fully-funded plan. Transparency is key for the business owner and broker providing actionable information to reduce unnecessary utilization.  Self-insured policyholders can enjoy a dual advantage: participation in savings resulting from a reduction in plan utilization and access to claims data that would otherwise be withheld (in a fully-insured plan).

Know Exactly How Your Company’s Healthcare Dollars are Being Spent
For smaller companies, every dollar counts, and self-insured policies will help you better manage your health plans to reduce costs while still offering appropriate benefits to your employees. The innovative self funding solutions available at BenefitsSupermarket are designed to give businesses with fewer employees the opportunity to track and clearly understand the plan’s performance and expenses. Self-insuring solutions allow small business owners to better manage their healthcare plans and keep costs as low as possible.  When claims are reduced on the policy, it is possible for self-insured groups to save a significant amount of money.

Small businesses can avoid traditional risk factors like monthly premium fluctuations, termination costs and protections for large claims are built-in to address many of these concerns. Insurance companies now offer cost limits for catastrophic claims so that the business owner does not have to cover that liability.

We can Help You Find the Self-Insuring Solution that is Right for Your Business!
Finding the most affordable employee health plan for a small business can be overwhelming, but we will guide you through the process to help you find the best policy to suit your employees’ healthcare requirements. Be sure to inquire within to learn more about self-insuring and fully-funded insurance coverage so that we can help you find a policy with suitable coverage at the best price.