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Reduce Fixed Costs, Improve Cash Flow, Increase Plan Flexibility

With a partially self-funded health plan, an extremely small portion of the claim risk is shifted from the insurance company to the employer in exchange for potential significant savings. The company enrolls in a High Deductible Group Health Plan, which instantly drops the premium drastically.  A small amount of the funds saved by the reduction in premium  is set aside to cover employees who exceed their maximum out of pocket.  A Third Party Administrator (or TPA) is used to manage those funds, administer the medical plan, process and adjudicate claims and act as a service center and resource for employees. We offer an efficient process that allows the employees online access to their Explanation of Benefits through the HealthVu Portal. This can be found below.

Health Vu Login

Other great aspects of creating a partially self-funded health plan are greater efficiencies in plan administration and greater freedom to design a health plan that best suits the needs of the company's employees. This approach to plan building gives the employer more information in a timely manner about the group's claims utilization, giving the employer a proactive approach to make intelligent adjustments in plan coverage, from one plan year to the next.

Reduce Fixed Costs

 

All health insurance plans have administrative costs associated with the payment of claims. A partially self-funded plan will typically save on administrative costs over a traditional health insurance plan.

 

Improve Cash Flow

 

Unlike traditional plans where you pay a premium that funds claims if and when they occur, claims under a partially self-funded plan can be paid only when they occur. Rather than paying a set amount to an insurance company every month, you keep and earn interest on your money and only pay for actual claims.

 

Increase Plan Flexibility

 

With a partially self-funding health plan, you have limitless options for designing the best possible plan for your business. Co-pays, coinsurance, and deductibles can all be tailored to meet your needs.

If you're interested in talking about this service!