Group benefits: What is level-funding?

Posted by Emily Kubis on Fri, Sep 21, 2018 @ 10:09

An alternative healthcare financing option for small employers who’ve historically been fully-insured

Most employers have more choices than they realize when it comes to financing their group health plan. Purchasing a fully-insured health plan may be the traditional route for groups with under 50 employees, but to get out of the status quo of premium increases, employers who are frustrated with rising costs may have to change how they look at their health plan and how it's financed. There is a continuum of funding options available to employers, beginning with the traditional, fully-insured health plan, with steps groups of all sizes can take toward self-funding. (More: The Employer's Guide to Self-Insuring)

For groups under 50, one of these options is known as a “Dividend-Eligible” strategy, or sometimes called a “level-funded” health plan.

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Tags: group plan, group benefits, broker, stop-loss coverage, self-insurance, self-funded

Employees blame insurers for surprise medical bills

Posted by Emily Kubis on Mon, Sep 17, 2018 @ 08:09

How employers can help

A majority of Americans have received a surprise medical bill in the last year, and a new study provides some insight into how consumers feel about medical billing — and where they place the blame for unexpected costs.

According to the study, published by research organization NORC at the University of Chicago, the majority of respondents named insurance companies as very responsible for surprise billing, followed next by hospitals. Most of the surprise charges were for a physician’s service, followed by lab tests.

The study illustrates that despite years of conversations around price transparency and consumer-directed healthcare, the industry is still struggling to effectively educate employees about their benefits and care costs.

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Tags: group plan, group benefits, broker, stop-loss coverage, self-insurance, self-funded

Group health premiums going up? Consider self-funding

Posted by Emily Kubis on Fri, Aug 03, 2018 @ 10:08

Getting a big rate increase? 

If you are receiving a big rate increase on next year’s group health plan, it may be time to consider a different funding strategy. With healthcare costs continuing to rise, there are only so many solutions for reducing the financial pressure on employers and employees through a fully-insured insurance plan.

If you’ve raised deductibles, helped employees with HSAs, implemented wellness programs – and are still seeing double digit premium increases, you may want to pursue a self-funded health plan.

First, what is self-funding, or self-insuring?

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Tags: group plan, group benefits, broker, stop-loss coverage, self-insurance, self-funded

What is stop-loss coverage?

Posted by Emily Kubis on Fri, Jul 20, 2018 @ 09:07

How self-funded employers cover high claims

Are you an employer or business leader considering self-insuring your company’s health plan? Some employers believe that because they wouldn’t be able to sustain very high medical claims, self-insurance isn’t for them. However, stop loss coverage protects self-insured groups against these high costs, and can make this a good option for groups that might otherwise not consider it.

Here’s what you should know about stop-loss coverage when considering a self-funded health plan.

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Tags: group plan, group benefits, broker, stop-loss coverage, self-insurance, self-funded

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employer healthcare freedom
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