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Know the Facts about Self-Funding Your Employee Benefit Plan

When it comes to self-funding, there’s a lot of information and misinformation floating around out there. Employers looking for additional employee benefit options may find themselves overwhelmed by the number of contradicting opinions that confront them. GBS can help simplify things.

Here are a few self-funding myths you may come across, and some basic facts to help clear things up:

FICTION – Self-funded health plans are completely unregulated.
FACT – Self-funded health plans are regulated by ERISA at the federal level, while states regulate the box companies (fully insured carriers).

FICTION – An employer who self-funds will be solely liable for all claims.
FACT – Self-funded employers can protect themselves from catastrophic or excess claims with proper reinsurance.

FICTION – Self-funded health plans have inferior benefits compared to fully insured plans.
FACT – Employers can design their plans to offer benefits that are most important to your group.

FICTION – Self-funding is just too risky for any small or mid-sized companies.
FACT – Self-funding can be a very sustainable and beneficial option for groups with 50 or more members. GBS will conduct an in-depth analysis to determine if self-funding is a viable option for you. We will ensure that the increased savings of self-funding outweigh the risk specifically for your company – before taking the next step.

GBS would be happy to answer any other questions you may have about options for your employee benefit program – simply
request a proposal or watch this short video.
Posted 8:22 AM  View Comments

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