Self Funded and its advantages
Self Funded used to be only for the very large companies. However, it is a fantastic option for small employers due to the Stop Loss policy that is built into it. That insurance policy protects the employer from financial doom if an employee has a large claim. It is the best way to control healthcare costs right now, and really the best way in the last 20 years.
Monthly premiums 20-50% lower
Choose a national PPO network or no network at all!
Save even more at years end
Monthly premiums are usually 20% to 50% lower than fully funded plans. In fact, United's Self funded plans are 35% lower than their regular plans for the exact same plan! I have had some 50% lower for a couple of clients.
All self-funded plans are PPO network plans. No HMO networks to deal with! We even have some plans that have NO network. Employees can see ANY provider that they want to!
Self-funded plans have an account for your claim funds. They accumulate monthly from your premium payments and they are deducted to pay employee claims. What happens if there is money left in the account at plan year-end?? That money goes to you! Imagine getting a check back at year's end?! It happens for most of my self-funded clients.