Self-Funding Scare You?
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Health insurance has evolved tremendously overs the last ten years, and let's face it, the evolution will only continue going forward at a more rapid pace. Nearly every employer is searching for “the dream” --- health insurance alternatives that provide strong benefits at a low cost. The good news is this dream can become a reality.
Most people like to be in control of their destiny, or at least know their actions will favorably impact that destiny. Health insurance and obtaining that dream of "strong benefits at a low cost" is no different.
Self-funding health insurance plans give you control of your company’s destiny. Self-funding is simply a payment mechanism where you pay for the health services that are actually used by your employees, not for what the carriers anticipate your employees will use. Would you prepay for gas for your car for the year, based on how much you think you'll use? I wouldn’t think so! You’ll pay for it when you need it.
Now, I know it's not that simple. There are actions you need to take as an employer to favorably impact the outcome of your self-funded program. But, would you rather leave the destiny of your health insurance program to the insurance carriers or you take control? If I was a gambler, I’d bet most business owners would prefer control of their costs. Well, now’s the time to gain control. Don't let self-funding scare you --- let it help you.
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