Self-Insured vs. Fully-Insured Health Plans
Self-Funded or Fully Insured – What’s the Difference?
| Self-Funded: | Fully Insured: | |
| With a self-funded plan, employers take on the responsibility and management of every aspect of their employees' healthcare benefits. | VS | Employers who opt for fully insured healthcare plans pay a pre-set premium to an insurance carrier and hand over control of critical employee benefits to that carrier. |
We bring expertise in managing all facets of healthcare benefits for employers, including eligibility, customer service, claims processing and payments, claims reporting, and wellness services.
Flexible and Cost-Effective Health Plans
The cost of a fully insured plan is includes a premium to the insurance provider, which can be expensive. When working with a TPA, employers can better manage costs in these areas:
Benefits of Self-Funded Plans
At first glance, a fully funded plan might seem simpler and more appealing than a self-funded plan. However, with a TPA as your partner, a self-funded plan can be both easy to manage and a smart financial choice. In fact, self-funded plans offer multiple benefits:
| Flexibility | Premium Savings | Administrative Cost Savings | Cost Management | No Mandatory Benefits |
Choose the Right Health Plan for Your BusinessSelf-funding is perfect for companies that want to lower and control their healthcare costs while still providing quality health coverage for their employees. • Customize Plans: Design health plans to fit your workforce's needs using detailed healthcare data. • Improve Healthcare Outcomes: Promote healthier lifestyles with the right mix of programs and services for your employees. • Make Informed Decisions: Gain insight on your healthcare data and spend to make informed decisions to improve employee benefits, mitigate risks, and reduce costs. Download our guide and learn more about self-funding. | ||