Products and Services | Self Funding
Why Choose Alternative Funding?
Total Potential Savings: between 18% - 30% over Fully Insured Plans
Alternative Funding Case Study #1 - Self Insured
Alternative Funding Case Study #2 - Exclusive Program
Why the Driving Factors behind Rising Benefits Costs Are Not Going Away:
Forecasted cost increases of an additional 25% due to Health Care Reform and the unintended consequences of PPACA legislation are coming into effect in 2014. As a result, the 20-year trend of rising health-care costs will continue with no relief in sight.
Healthy Employee Groups do have options, however, and that’s where Wellness Programs combined with Alternative Funding (Self Funding) Plans have the greatest financial impact.
Smart businesses leverage their employer-sponsored Wellness Plans to get them out of commercial insurance pools and into Alternative Funding (Self-Insured, Association, Medical Trust or Level Funding) plans that take advantage of their healthier workplace population.
Instead of paying expensive Fully Insured Premiums to the insurance carriers, businesses can choose to simply pay their own medical claims instead. They’ll know that when the annual benefit claims are less than the claims funding, they will be able to put a good portion of those funds back in their pocket.
~ Note: There are businesses whose current workforce is healthy enough for them to explore Self-Funded Plans NOW. ~
With their Wellness Program effectively functioning and their greater worker health risks minimized, the ability to operate under their claims funding level and even to forecast annual benefits budgets is possible. For the unexpected event that may precipitate a catastrophic claims situation, there is stop-loss coverage in place to provide a ceiling on expenditures. Self-insured plans also offer flexibility in design that fit employee’s needs but also contain the ability to change the plan according to annual health plan reports.
Here at Tevis, we have clients that have used this model and have not had a benefits plan rate increase in over 5 years. (Link to actual Case Study)
In Summary, Alternative Funding for your Employee Benefits can make a lot of sense. It will enable you to:
Contact Tevis To Learn How Self-Funding Can Reduce The Cost of YOUR Employee Benefits. Learn More About Self-Funding.