Whether you have 25 employees, or 250 employees, a self-funded plan can work for your business. Unlike fully-insured (traditional) plans, the benefits of self-funded plans are not driven by the number of employees enrolled. At Self-Funding Partners, we design a plan that fits the needs and budget of our client’s business, and apply the appropriate level of stop-loss coverage in order to protect them from catastrophic claims.
No. If an employer is comfortable with their existing health care plan, they may choose to keep it as is. However, many employers find that they will save money if they redesign the plan. By analyzing your current plan, Self-Funding Partners can help you determine which direction is best for you.
Health care providers view self-funded plans as a common form of coverage and providing services to self-funded patients every day. The percentage of employees covered by self-funded benefit plans continues to rise each year, making self-funded coverage a readily accepted form of coverage for health care providers. More than two-thirds of employees in the U.S. are covered by some type of self-funded health care plan.
Employees can expect the same provider access with a self-funded plan. From national Preferred Provider Organization (PPOs) to regional networks, employers can choose the providers or provider network best suited to meet the health care needs of their employees. In addition, Self-Funding Partners offers its own provider network featuring over 75,000 doctors.
There is no guarantee that an employer will save money every year with self-funding. However, most companies save an average of 15-30 percent in four out of the first five years of self-funding, compared to what their fully insured plan would have cost them.