One of the greatest assets offered by self-funding is the complete freedom to structure benefits according to needs of your company. Employers can choose what benefits they want to offer, while opting to insure individual benefits through traditional means or forgo offering them altogether.
The following benefits may be self-insured:
- Health care (indemnity, PPO, POS and HMO)
- Short-term disability
- Prescription drugs
Employers can also make the final call on important variables, such as:
- Policy limits
- Retiree benefits
Employers are also free to administer benefits themselves if they have the resources, or to retain a third-party administrator at a fraction of the cost of a traditional benefits provider.
Most advantageous to employers worried about the potential for large claims is the ability to acquire stop gap insurance, allowing managers to determine their total amount of yearly costs with 100 percent certainty.
BHS Insurance Agency welcomes the opportunity to help your organization examine its plan designs and make recommendations for improvement.