How To Switch To Self-Funded Healthcare

The costs of employer-sponsored healthcare for businesses are skyrocketing. On average, employers spend $21,000 a year for a family and around $7,500 a year per individual. When you are a small business owner, those expenses can quickly become a strain on your resources and cash flow.

However, there are some options that will help you manage your finances. One of the most popular is self-funded healthcare. Self-funded plans are designed to reduce the costs of monthly premiums and can make a significant difference in your bottom line.

What Is Self-Funded Healthcare?

Self-funded healthcare is a program where a business starts a trust that will cover the out-of-pocket costs of healthcare. Rather than making a fixed payment like with standard employer-sponsored healthcare, you will only pay for the medical care your staff needs. Then, you get to keep any of the money left over and reinvest it in your business.

Self-funded plans also come with a variety of benefits, including the following:

Self-funded healthcare plans are typically done in coordination with an insurance provider that will help design the program and manage the paperwork.

Making The Switch To Self-Funded Insurance

If you are considering switching to self-funded insurance, here are the steps involved:

These steps are done under the guidance and advisement of a healthcare administrative company that can help you review your options. They will walk you through the process and help you explore alternative funding opportunities available.

National Insurance Partners makes the transition to a self-funded healthcare program straightforward. You can learn about the many options we provide by visiting National Insurance Partners. We will help you design a program that protects your team and saves you and your employees money without disruptions.

Give us a call today to get started, and our team will promptly help you with every step of the transition process. We will also answer any questions and guide you in making the best decisions possible for your business.

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