Tired of rising premiums and limited options with traditional health insurance?
Self-funded health plans offer a powerful alternative for businesses seeking to gain control over healthcare costs and customize benefits for their employees.
Take Control of Your Healthcare Costs with Self-Funded Health Plans
Cost Savings
Ditch the insurance company overhead and pay only for the healthcare your employees use along with a stop-loss policy to guard you against high claims. Pay claims monthly instead of insurance premiums Unlike traditional plans, you benefit from responsible healthcare spending by your employees.
Flexibility and Customization
Design a plan that meets your specific needs and budget. Choose coverage options, networks, and wellness programs that fit your workforce and encourage consumerism.
Transparency and Control
Gain real-time insights into your claims data and identify areas for cost containment.
We understand that a full leap to self-funding might not be the right fit for every company.
That’s why Precision Benefits Group offers a range of funding options, including:
- Hybrid-Funded (Level-Funded) Plans: A stepping stone to self-funding, offering greater control over costs with a safety net for catastrophic claims.
- Captives and Consortiums: Join forces with like-minded businesses to share risk and purchasing power, potentially lowering stop-loss insurance costs and fostering cost-saving strategies.
Frequently Asked Questions
What is a self-funded health plan?
In a self-funded plan, the company pays for employee healthcare directly instead of paying premiums to an insurance company. They manage claims themselves, with a stop-loss policy to cover high-cost claims.
Who can benefit from a self-funded plan?
Traditionally, these plans were for large companies (500+ employees) but are becoming attractive to smaller ones due to potential cost savings and flexibility.
What are the advantages of a self-funded plan?
Companies may save money by paying only for the healthcare used by employees. They also have more control over plan design and cost-containment strategies like reference-based pricing.
What is a hybrid-funded (level-funded) plan?
This is a stepping stone towards self-funding, ideal for companies with around 50 employees (or even as few as 5). It offers some cost-predictability of a fully insured plan but can provide a surplus back to the employer if claims run under expected usage. They also provide more claims transparency data for future planning.
What is the role of claims data in a hybrid plan?
By analyzing claims history, employers can develop cost-saving strategies with their benefits consultant.
What are Captives and Consortiums?
These are groups of mid-sized employers who join forces to share healthcare spending risks and leverage buying power. This can lead to savings on stop-loss insurance and access to cost-containment strategies from other members.
What’s the difference between Captives and Consortiums?
Both involve sharing risk, but Captives often require an initial investment and ownership stake, with potential for profit-sharing based on claims experience. Consortiums typically don’t require upfront investment.
Can you help me implement a self-funded or hybrid plan?
Yes, the experts at Precision Benefits Group can help you design a self-funded strategy or place your firm in a captive or consortium with the product that suits your needs and risk profile.
Our team of experts will help you navigate your options and design a cost-effective, employee-centric health plan that fits your company’s unique needs and budget.
Contact Precision Benefits Group today to see how a self-funded or level-funded plan can empower your company to take control of healthcare costs and employee benefits.