PSI – shorthand for partial self-insurance– is a highly effective way for nonprofits to provide employees with access to quality, affordable health insurance without eating away at fragile budgets. But many organizations, stuck in the staid method of traditional fully-funded insurance, likely haven’t been exposed to PSI. This could be due to myriad factors, including a lack of willingness on their broker’s part to explore alternatives because of the high commissions earned from some fully funded plans (e.g. lower deductible/higher premium plans).
But PSI might be the best solution you’ve never heard of, so it’s worth taking some time to dig into it a bit more on your own or with the help of a supportive broker. To help you get started, we’ve listed five reasons why we think PSI is a long-term viable healthcare solution for nonprofits.
Intrigued? To begin exploring PSI for your organization, download our Exploring PSI guide, which walks you through some simple steps to researching this approach.
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose