Traditionally an option for businesses with 200+ employees, self-funding has increasingly become the program of choice for groups with as few as 25 employees. With rates increasing from 10-25% annually, there are now excellent plan management and cost containment options for smaller employers that in years past would not have been candidates for self-funded insurance plans. In addition to saving money on premiums, businesses can realize the following benefits:
Option to maintain same benefit level for employees
Multiple provider networks available
Built-in, seamless Flexible Spending Account administration
Built-in COBRA Administration and compliance
Full access to medical and prescription claims data, which allows for ongoing cost control based on claims history rather than pooled industry trends ( a huge advantage for managing your costs)
Control and choice covering state-mandated benefits
Stop loss insurance which eliminates the risk traditionally associated with self-insuring