Cost Savings and Control
One of the primary benefits of self-funded medical insurance is the potential for cost savings and increased control over healthcare expenses. With self-funding, businesses have the ability to customize their health plans and only pay for the services that are actually used by employees. This eliminates the need to pay premiums for unused services, resulting in potential cost savings.
Additionally, self-funded plans are not subject to state insurance premium taxes and many state-mandated benefit requirements. This allows businesses to have more control over their healthcare expenses and allocate their budget towards areas that are most beneficial for their unique workforce.
Flexibility and Customization
Self-funded medical insurance provides flexibility and customization options that traditional insurance plans may not offer. With self-funding, businesses have the freedom to design and tailor their health plans according to the specific needs of their employees. This can include coverage options, network selection, and benefit design.
The flexibility also extends to the choice of healthcare providers. Self-funded plans often offer a broader network of providers, giving employees more options to access quality care. This allows employees to choose the providers they trust and prefer, fostering better employee satisfaction and engagement.
Self-funded medical insurance offers several advantages and disadvantages for business owners. By carefully evaluating your company's needs and resources, you can determine if self-funded medical insurance is the right choice for your business.
Ready for a Medical Stop-Loss Assessment?
Complete our intake form to begin your evaluation. Please have the following documents ready to send after submitting.
Required Documents
- Full copies of all current business insurance policies (property, GL, Cyber, D&O, E&O, Crime, Workers Comp, Auto, etc.)
- Loss Runs (5 Years) OR detailed loss history
- Organizational & Ownership structure % / info / charts
- Statement of property values SOV (if applicable)
Medical Checklist
- Company Census in Excel format (name, m/f, date of birth, date of hire, zip code, enrollment election, employee status)
- Copy of Current Benefit Plan(s)
- Most Recent 36 Months Claims Experience (if available)
- Most Recent 12 Months Large Claim Experience (if available)
- Current rates (include admin and attachment factors if applicable)
- Rate History and Benefit Summaries for 3 previous years
- Describe Employer Contributions Strategy
Questions? Contact Rich Ericson at (720) 213-0583 or Rich@alinkcis.com.
Fill Out Medical Intake Form