Self-Funding

You know you have options when it comes to offering an employee benefit package. You also have options on how it will be funded. As a broker, we don’t want to assume that you, the employer, understand all the guidelines of each option. We have several articles to help explain these options. If you still have questions, contact one of our consultants or a member of your account team.

• Infographic: This is step-one in considering self-funding as your health care plan. If you can agree with all four self-insured aspects as displayed here, then click the next article to learn more.

• Employee Medical Benefits: Self-funded vs. Fully Insured: The basic difference of self-insured versus fully-insured is who takes care of the risk. As an employer, are you willing to take on the health care risk of your employees? It isn’t just about paying the bills, but also being compliant with ERISA regulations. Before you make the decision to be a self-funded employer, click here to learn more and see if you are equipped to take on the risk.

• Level Funding: Level funding is, loosely defined, a happy medium health plan option for the employer. As far as the claims, the carrier will take on the administrative aspect of paying claims, from your budgeted purse, so you still take on the risk. Once the purse is empty, your stop-loss will cover the excess spend, but if your claims do not exceed the budget, a refund will go back into your purse. Please read on for more exact details.

• Self-Funded vs. Fully Insured Health Plans (presentation): This slide presentation may be more your style as far as learning about the difference between self-funding and fully insured. Details include definitions of terms, disadvantages of being on self-funding, and considerations of making the decision. This is great information for anyone considering a self-funded plan.

• Self-Insurance Guide: This guide provides the pros and cons of self-funding your health care plan. If you are able to take on the risk, the pros out way the cons, but read on for yourself.

• Self-insured Toolkit: This toolkit serves as an introductory guide to self-insurance. It provides a general overview of what self-insurance is, how it differs from fully funded health plans and its market trends. It is not intended as legal advice. You should consult a legal professional or plan administrator before making the change to a self-insured health plan.

• The Advantages of Self-funding: Self-insured employers can customize their insurance. You are flexible to design your plan that will agree with your workforce- truly an advantage of being self-funded. Take a look here! If this sounds appealing, contact one of our consultants or your account manager for more details.