Self-Funding Is For Small Business
Until recently, self-funding has been an option only for the larger employer with over 100 employees. However, insurance rates have increased dramatically in recent years and the smaller employer has been forced to seek new approaches to save benefit program dollars. This has driven the introduction of new self-funded options for the smaller employer, even with as few as 50 employees.
Small employers have been in the dark about their health care claims expenditures. Since insurance companies and HMOs do not provide the smaller employer with detailed information on claims paid, there has been no data to access and analyze where or why benefit dollars are being spent.
All self-funded options from The Employee Benefit Service Center includes monthly reports that list each expenditure made and analyze total expenditures made. This provides the employer with the information to analyze benefit expenditures and eliminates surprises at the annual renewal time. Since information is control, this gives the employer control of the benefit program.
The Employee Benefit Service Center has led the way in developing and marketing self-funded options designed for smaller employers. Product offerings include low stop loss levels that fit the budget of the smaller employer, cash flow management approaches that ease the burden during high claims payment periods and specialized claims processing systems that provide high quality and personalized service.
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