Whether you are looking for large group or small group coverage regarding employee health insurance, what are your concerns and needs? You want:
Variations in healthcare laws and growing healthcare premiums force companies to decrease their benefits while also moving more costs to employees or dropping coverage altogether. None of these options are acceptable. As such, it’s time to look for viable choices for the coverage you may already have.
Whether your business works on a self-funded, partially funded, or fully insured medical plan, Songer Benefits creates information-rich. Still, easy-to-understand options that serve your operational needs, as well as the healthcare wants of your employees.
Self-Funded Employee Health Insurance
A self-funded plan is a viable option when searching for alternative healthcare plans to reduce spending without the risk of losing employee coverage. A self-funded health insurance plan, also known as a self-insured health plan – is normally implemented by large employers. This insurance decision lets your company run your own healthcare policy rather than implement a fully insured plan from an insurance issuer.
Bottom line: A self-funded plan means fewer employer costs, lower and more consistent employee costs, and more comprehensive control over healthcare choices.
Self-funded plans can be precarious and risky. Monthly claims can only be estimated. Some months can cost a company more than average or anticipated.
An offshoot of self-funded employee health insurance is also designed for large group health plans. A partially funded employee health insurance plan can offer many of the same benefits as a fully self-funded plan.
Bottom line: Partially funded employee healthcare plan passes the employer’s surplus on to the employee's pre-tax dollars directed into health reimbursement accounts.
Fully Insured Employee Health Insurance Plans
Small group employee health insurance is usually placed as a fully insured, employer-sponsored health insurance plan. This method of providing employees with healthcare options means the bulk of the responsibility is the employer, who is responsible for:
Deductibles and copays are the responsibility of employees and their dependents.
Bottom line: A fully funded healthcare plan means you are doing your employees a huge favor. However, an adjustment in the number of enrolled employees could shift the monthly premium in a negative or positive direction.
Employee health insurance can be complex. Nonetheless, at Songer Benefits, Inc., our goal is to place you with the right insurance carrier based on your employee needs, sought benefits, and more. Our health insurance experts will review your business needs and provide numerous viable and affordable group health insurance options. Songer Benefits is here to help you explore the best health insurance solution for your employees.