Self-Funded Group Health Plans
With a self-funded group health plan, the employer assumes the financial risk of paying for employees’ healthcare, either from a trust or directly from corporate funds. Dental and vision coverage programs can also be self-funded.
Our highly knowledgeable and experienced Benefits Consultants have years of experience working with business owners to create self-funded benefits plans that meet their unique business needs.
What Are the Advantages of a Self-Funded Benefit Plan?
- Reduced insurance overhead costs and state premium taxes
- More predictable / stable costs (not subject to commercial insurance market pricing)
- Greater control of your insurance program by choosing the benefits you wish to offer from the care centers you want to utilize
- Flexibility in plan designs, administration, and offered services
- Customizable stop-loss insurance to reduce the risk associated with high dollar claims
- Tailored coverages that cover gaps in traditional insurance
- Improved cash flow – Employers do not have to pre-pay for coverage, and only pay claims as they become due, which can provide savings on healthcare costs
- Enterprise level benefits for smaller companies
Your Self-Funding Insurance Experts
Self-funding is a great strategy for many businesses and provides various advantages that fully insured benefit plans cannot. Contact our Towne Benefits Team today to learn more about how self-funding might be a good fit for your business!