The Basics: Self-Funding 101

The Basics: Self-Funding 101

The Basics: Self-Funding 101

If you are a business owner, finding the perfect health plan can become an important ingredient in the recipe for success. Have you ever considered funding your employee benefits through self-funding? Doing so will increase the control you have over the money you spend on your employee benefits package. Currently, over 80% of America’s employees are insured under a benefit plan that is self-funded! More and more companies are beginning to recognize its many benefits.

A self-funded plan is individualized by the employer, and funds itself. Insurance claims are paid as they are processed, and the employer is able to hold onto the benefit dollars that are not used! Your plan will be exempt from premium taxes in addition to state insurance mandates!  Additionally, a self-funded plan gives the employer access to claim data that can assist with budgeting for the next year of claim expense.

Regardless of the size of your company, it may benefit from self-funding! The companies who are best suited for self-funding usually have a workforce that is stable, an adequate cash flow, are flexible, and want access and control over their data.

If self-funding sounds like something your company would be interested in, please contact Employee Benefit Plans, Inc., located in Greenwood Village. Watch as this long-term funding mechanism may build incredible savings for your company! Your employees will enjoy having the coverage they need, and your costs will stay controlled. We will deliver the practical and cost-efficient solutions that your business needs in order to thrive! Give us a call, today!