What is Self-Funded Insurance?

Insurance can be complicated and stressful to understand, especially when you are deciding on benefits for your employees. 

Determining what you want for your employees is crucial to their lifestyle and well-being, which is why knowing what your options are is more important than ever. One insurance option is self-funded insurance. Below we will break down what self-funded insurance is and how it can help your business succeed. 

What is Self-Funded Insurance?

Self-Funded Insurance is when an employer is financially responsible for healthcare claims incurred by employees and is responsible for providing employee health care benefits. 

How can self-funded insurance benefit your business? 

Here are a few of the benefits of a self-funded insurance plan: 

  1. Self-funded plans can be customized to meet the specific health care needs of its workforce, instead of purchasing a “one-size-fits-all” insurance policy
  2. Self-funded plans don’t require you to pre-pay for coverage
  3. Self-funded plans are not subject to state health insurance regulations mandates, because they are regulated under federal law 

To break it down to the basics, self-funded plans can help you: 

  • Control business costs
  • Select the best possible benefits plan for your organization and employees
  • Help you better understand what is being spent on healthcare 

How can Snellings Walters help with Self-Funded Insurance? 

To successfully create and manage a comprehensive healthcare plan, minimize risk, and ensure the insurance plan meets the needs of employees, that’s where Snellings Walters comes into play. If you are looking into self-funded insurance plans, our experts would be happy to help. You can reach out to us here.

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