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Leaving fully insured to go self-funded

There are two methods of financing the cost of an employee benefit plan – one is Fully Insured, where the employer pays a predetermined premium to a given carrier; the other, which has grown increasingly popular in recent years, is Self Funding, where the employer directly assumes the financial risk of providing health care to its employees. Self-Funded plans have numerous advantages – controlling costs is easier, and you can tailor your coverage to the needs of your workforce – but there are also drawbacks; namely, the employer must have sufficient financial resources to pay for claim costs.

Our Life&Health Broker and VP, Tyson Fuehrer, created a quick primer on some of the reasons more groups are opting to go self-funded:

You can find Tyson’s contact information on our Team page!