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Purpose of Self Funded Group Health Insurance

By June 18, 2020 June 23rd, 2020 Employee Benefits, Video

 

Group health insurance is often the SECOND LARGEST EXPENSE for small and mid-sized businesses.  Many employers are searching for alternative methods of funding their health plan.  Self funding is becoming a more “household” term for many groups.  In fact, nearly 60% of all groups in the US are now self funding their benefits program.

So, what’s the purpose of self funding your group health insurance plan?  The main reason is to gain control over the expenditures.  Self funding allows you to manage each health care dollar that leaves your checkbook.  Instead of writing a monthly check to a fully insured carrier, you are able to utilize health data to make the best decisions for your group.

Contact Garrett or Derek to learn more:

garrettu@dansig.com | derekh@shelbyvilleins.com