Nearly half of all American adults are underinsured. While some might be satisfied with their status at the moment, they quickly change their tune when an illness or injury occurs. The underinsured or uninsured individuals who find themselves without proper insurance when they need it can be left in a dire financial situation while also juggling their ability to get well without stress. Self-funded solutions allows employees to get the insurance they need at prices that employers can afford.
Switching to a self-funded solution is something that many businesses are doing today. These solutions are workable in a number of ways, as they keep prices down while ensuring that businesses are ACA compliant. Rather than paying an insurance provider for coverage, like in a traditional plan, self-funded plans allow premiums to be placed in a separate account that is used to cover claims throughout the year. This keeps premiums and overhead costs low while still providing adequate healthcare coverage.
Switching To Self-Funded Solution
Switching to a self-funded solution is something that many area businesses have been doing for the last number of years, and this is due to all of the benefits that come alongside self-funded plans. A few of these benefits include:
- Better control and flexibility – With traditional plans and policies, you’re often left to the plans available to you. This means missing out on parts of a policy you may like while paying for other parts that may not be needed. Self-funded plans provide greater flexibility and control so you get just the plan you need and the plan your employees are looking for. You’re not overpaying for a plan that won’t be used or missing out on the parts of the plan you really want.
- Analytics and policy reporting – Analytics and policy reporting help employers to even better customize plans going forward. They can see the portions of a plan that are going unused, they can see which aspects of a plan require more funding. Better customization allows employers to continue customizing plans for the needs of their employees year after year.
- Unused cash can be reinvested – If your healthcare fund has cash left over at the end of the year, that money can be returned to be reinvested into your business. With a traditional plan, savings left over from premiums go to your insurance provider, never to be seen by your business again. Businesses looking to invest more into their business potentially have that option with a self-funded plan.
Getting Your Employees Insured
Getting your employees insured with a self-funded plan helps to provide businesses of all sizes with the options they need to ensure their team is taken care of. Our professionals are there to discuss your options with you and to see if a self-funded plan is right for you and your team. To learn more, contact us at National Insurance Partners to see what we can do for you today.