There are many benefits to being a self-insured employer in general as long as the employer's maximum financial liability is identified and insured!
Benefits are as follows:
- The ultimate in benefit design flexibility
- All healthcare data is available
- Employers can determine their maximum liability, and receive refunds from unspent claim funds
- Employers can set up different premium contributions for employees based on wellness-based outcomes measurements
- Insurance company profit is retained by employer
- Healthcare analytics/predictive modeling, wellness, lifestyle risk calculator and any other clinical incentive systems reduce healthcare spending
- Many cost reduction systems are available only through self-insured contracts
- Many fully insured costs are removed"100% transparency
- ERISA preemption in ACA
- State mandated coverage cost is reduced
- State insurance taxes are reduced
- Employers can manage the entire healthcare supply chain
Training - ERISA Academy - Vetting Self-Insured Products
