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Partially self-funded plans offer an alternative to traditional health insurance plans.
It allows you to budget for small predictable claims while protecting the group
against unpredictable catastrophic claims, through the purchase of stop loss
protection. A partially self-funded plan can be written for groups with as few as
25 participating employees.
Advantages of a Partially Self-Funded Plan Reduced Fixed Costs. All health insurance plans have administrative costs associated with the payment of claims. A partially self-funded plan typically saves 30% on these administrative costs over a traditional health insurance plan. Cash Flow. Unlike traditional plans where you pay a premium that funds claims IF and WHEN they occur, claims under a partially self-funded plan are paid only WHEN they occur. YOUR money for claims therefore, is only required when claims are paid allowing YOU to earn interest on YOUR money instead of an insurance company. Plan Flexibility. With partially self-funding you have endless possibilities for plan design. Copays, coinsurance, deductibles, covered benefits, excluded benefits can all be tailored to meet your needs. As the employer you truly have the ability to customize your employee benefits. Claim Utilization Reports. Claim utilization reports identify claim trends specific to your group and allow you to better manage and control the costs of your benefit plan. Learn More About Partially Self-Funding Cost Comparison - Fully Insured vs. Partially Self-Funded A fully insured or traditional product is a fixed cost and no matter how many claims you incur, or don't incur, you pay the same monthly cost. With a partially self-funded product you pay the claims as they are incurred. In the years with "average" to "below average" claims, you reap the savings. In the "bad" years you are protected with stop loss and pay a comparable "fully insured" amount. Click here to review the "Cost Comparisons" section. Stop Loss Protection With a partially self-funded plan, you pay the claims as they are incurred. Stop loss protection is purchased to limit your financial exposure. Stop loss insurance protects you by paying when any one individual or the entire group exceeds a predetermined amount. Click here to learn more about "Stop Loss Protection". Reinsurance Contract Types Choosing the correct contract type for your group is a very important part of designing a health plan to meet your needs. You can rely upon BMI to help you in determining which contract will provide your plan the best protection at the most reasonable price. Click here to learn more about "Reinsurance Contract Types". Glossary This section is provided to help you familiarize yourself with the terminology used in partially self-funding. Click here to view the "Glossary" section. Let BMI demonstrate what partially self-funding can save your organization. contact us. |
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Great Bend, Kansas 67530