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Leveling the self-funded field - Benefit News

This article by Robert Bull for Benefit News discusses how technology has removed the barriers to self-funding that used to exist for small- to mid-size employers.

Read the full original article from Benefit News.

"What used to be a painstaking manual process has been automated, and HR teams at self-funded companies can now provide richer benefits at a lower price. A good healthcare plan goes miles in attracting and keeping quality employees — and ensuring that they’re productive by minimizing
absenteeism due to a lack of care for either themselves or their family members.”

How do you know your organization is choosing the best self-funding solution? Look for these four things:

  1. The ability to consolidate information and manage all healthcare-related data from a single system instead of utilizing multiple service providers.
  2. Data transparency in order to perform a meaningful cost analysis.
  3. Real-time data access to keep track of claims and cash flow on a monthly, weekly, or daily basis.
  4. Safeguards to keep data secure.

For the many small- to mid-size organizations that aren't quite ready to self fund, partial self-funding is a viable option. Contact an expert at Nonstop Wellness today to learn more about partial self-funding, and whether it's the right option for your organization:

Contact Us Now!

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. This communication does not constitute a legal opinion and should not be relied upon for any purpose other than its intended educational purpose.

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