Compared to a fully-insured health plan, a properly designed self-funded employee benefit plan can save your company money both in the short-run as well as the long-run.
Self-funded plans are not subject to premium taxes.
You can pay claims as they are incurred rather than in a hefty premium.
Self-funded plans are exempt from state mandated benefits, which drive up costs.
Your benefit plan can be tailored to suit your budget and workforce, so you can be sure it’s right for you.
See how Self-Funded plans stack up against traditional, Fully-Insured plans:
|Design the plan that fits your workforce needs.||Limited plan options; you typically must select your plan from several set levels (i.e. Platinum, Gold, Silver, or Bronze).|
|Only spend money on the services that you need.||You pay for the whole package, including services you may not need.|
|Retain the money that you don’t spend.||Any funds leftover simply become more profit for the insurance company.|
You have access to reports that show how every dollar is spent.
|Little to no transparency:
Carriers are often reluctant to provide any actionable data.
You’re not in business of designing your own health plan, processing claims, or issuing ID cards, but a Third Party Administrator (TPA) is. Significa Benefit Services is a TPA with over 25 years of experience partnering with small, mid-size, and large employers to administer customized self-funded medical plans.
We use best practices and a turn-key administration system to maintain the financial integrity of your plan, and we’re on the cutting edge of government compliance.
We are constantly tracking new laws, regulations, major court decisions, and other factors that may affect your company, and will alert you to any significant developments.
We will provide you with actionable data about your expenditures to help you monitor the success and effectiveness of your plan.