Self-Funded Health Insurance
Self-funded health plans tend to be better suited for larger businesses. Nevont can help you set up the perfect self-funded plans, but is this the right choice for your business? Let the team at Nevont help you decide.
What is Self-Funded Health Insurance?
Self-funded health insurance plans are exactly what the name implies. The company takes on the responsibilities of operating the insurance for their employees. Typically, the company will use a third-party to administer the plan and will have stop loss coverage for protection against excessive claims. There are a lot of benefits to a self-funded health insurance plan, but there are also some considerations you’ll need to weigh against those benefits.
Is This Insurance Structure Right for My Business?
The biggest benefit of a self-funded insurance plan is the fact that it can save quite a bit of money since you’re not paying a premium to an insurance company. However, you’re also taking on all of the risk, and your monthly expenses are not fixed. The costs will vary based on how employees utilize the health plan on a month-to-month basis.
This structure works well for larger companies who want to save money in the long term. Deciding on how to structure your self-funded health insurance plan can be difficult, so let the experts at Nevont help you. For a more traditional structure, you may want to look into fully insured health plans. Learn more about those here. If you’re a smaller company, you may benefit from a level funded health plan. Learn more about those here.
Contact Nevont Today
for More Information
If you’re looking for the right health insurance plan for your business, let Nevont help you make the perfect choice. Our team can help you decide what’s best and offer you a plan that works for your needs. We specialize in employee benefits so you can trust that we have the expertise to guide you through this important decision. To learn more about our plans and set an appointment, contact us today.