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If you're looking for a less expensive and fully customizable health insurance plan, then a self insured health plan might be just what you need. Read on to learn more about what this type of plan is, and where you can find the best rates. What is Self Insurance? With a self insured or self-funded plan, an employer provides health care benefits for its employees. The employer pays claims directly instead of paying premiums to an insurance company. Benefits of Self Insurance About 55 million U.S. workers and their dependents receive health care through a self insurance plan. 60% of companies with 500 or more employees operate such a plan, which offers many benefits to employers: * It can cost as much as 25% less than conventional health insurance policies * It often offer tax benefits, including not having to pay a tax on monthly insurance premiums * It can be customized with just the coverage you want * Employers retain control over the plan’s reserves, allowing the company to invest the money One danger associated with a self-funded plan is that catastrophic claims can be financially devastating to the company. To help manage the risk, companies often purchase stop-loss insurance to cover catastrophic claims. The stop-loss coverage begins covering the cost of the claim at a predetermined amount set by the company. Finding a Self-Funded Health Plan Employers typically work with insurance companies to design and administer a self-funded health plan. To find insurance companies that offer these policies, you can go to an insurance comparison website. On this website, you enter information about your insurance needs. Once you submit your information, you will begin to receive quotes from insurance companies that can help you with your self-funded plan. Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get health insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service. The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written numerous articles on self insured health insurance plans.
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