Benefits of a Self-Funded Health Plan
C. B. Wood Financial understands the importance of selecting the right health insurance plan for your business. Self-funded health insurance plans can be an attractive option for many businesses, offering a number of advantages over fully-insured plans. In this blog post, we'll explain why a self-funded health insurance plan may be the right choice for you and your employees.
First, self-funded health insurance plans offer more flexibility. Since you’re paying for the plan yourself, you have more control over the plan’s features, such as the types of services covered, the co-pays, and the deductibles. You can also make changes to the plan more quickly than with a fully-insured plan.
Second, self-funded health insurance plans may be more cost-effective than fully-insured plans. You’ll only pay for the services used by your employees, so you won’t have to pay for services that aren’t used. You may also be able to save on administrative costs since you’ll be dealing directly with the health insurance provider instead of an insurer.
Finally, self-funded health insurance plans offer more accountability. Since you’re responsible for paying the claims, you’ll have more incentive to ensure that the plan is being used in the most cost-effective way. This can help to reduce wasteful spending, which can result in lower premiums for your employees.
Self-funded health insurance plans may be the right choice for many businesses. If you’re considering a self-funded plan, reach out to C. B. Wood Financial today to discuss the options available and help you find the best plan for you and your employees.