This is a basic description of partial self funding.
What is partial self-funding?
Partial self-funding is a method for transferring some of the risk/reward from the insurance company you currently use, back to your firm?
Why do this?
Partial self-funding, when done right, typically results in substantial savings to your organization. By substantial, we’re talking 15-40% of your annual premium costs!
For example, a 100 employee company in good health might be paying roughly $600,000 in annual premium. Doing the math, if your organization sees a 20% savings on this amount, you’re looking at $120,000 back into your pocket at the year’s end!
How do I know if my company is a good fit?
The short answer: Get a quote!
If you currently run a “fully insured” plan (like most companies and nonprofits under 250 employees), there are ways we can access data on the current health of your company to see if our alternative funding method is a good fit.
What if it’s not?
Nothing ventured nothing gained!
At the very worst, this process will give you much greater insight into the health of your organization, at no cost. With more understanding about your employees health, you’ll be armed and dangerous to make better decisions on ways to encourage better health amongst your workforce!