The knowledge of seasoned professionals with excellent products craft the smartest solutions for your health and benefits.
At H&H Insurance Solutions we can create a custom self-funded plan that is perfect for your unique business. Self funded insurance plans can be an effective way to customize benefits and manage costs.
Key Reasons For a Self-funded Plan
Your business might consider a self-funded health insurance plan for a few key reasons. Firstly, it offers the potential for cost savings. By paying claims directly, businesses can avoid fixed premiums charged by traditional insurance companies. If your company has a healthy employee population with predictable healthcare costs, they could potentially pay less overall. Additionally, self-funded plans offer more control over plan design. With our help your business can tailor benefits to their specific workforce needs and priorities, potentially reducing unnecessary coverage and creating a more cost-effective plan.
Considerations
However, there are also important considerations before diving into a self-funded approach. The biggest concern is the risk factor. Unlike traditional plans, the company bears the full financial burden of employee medical claims. If a year experiences a surge in healthcare costs, the business is solely responsible for covering those expenses. Additionally, self-funded plans require more administrative expertise to manage claims processing, network negotiations, and regulatory compliance.
We would love the opportunity to speak to you about all the details of a self funded plan, and we guide you and help you make the best decisions on all your insurance needs.