Debunking 3 Myths About Self-Funded Employee Benefits Plans – Simplifying Your Transition
Tim Hepner
Ex-VP from The 5 Love Languages team | Helping Businesses Control Insurance Cost | Self-insured and Captive Insurance
Considering a self-funded employee benefits plan but feel held back by prevalent myths? Let’s set the record straight and simplify the path to a more tailored benefits approach:
Myth 1: “Self-funding is only for large companies.”
Reality: There is a reason the largest companies are self-funded—because it is cost-effective, but smaller businesses can also thrive with self-funding. With meticulous planning and the right stop-loss coverage, you pay only for the healthcare services your employees actually use, potentially lowering costs.
Myth 2: “Self-funding is too risky.”
Reality: Limit your financial exposure with a well-structured plan and the strongest contractual terms. Stop-loss insurance protects against high-cost claims, balancing risk and enhancing benefits without surprises.
Myth 3: “It's too complicated to manage self-funded plans.”
Reality: Complexity is no match for expert guidance. A seasoned benefits consultant makes managing self-funded plans clear and manageable, providing comprehensive support from plan design to ensuring compliance.
How Can a Seasoned Benefits Consultant Facilitate Your Transition?
Transitioning to a self-funded plan doesn’t have to be an uphill battle. With the right expertise, your journey can be smooth, enabling:
Discover the Benefits With expert guidance, a self-funded plan can offer significant savings, custom solutions, and enhanced care for your employees.
👉 Is your benefits plan living up to its potential? Let’s explore how a self-funded approach or a captive solution could elevate your employee offerings thepner@strongsinsurance.com
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