With medical insurance costs soaring to breathtaking heights, you've probably heard that the term "alternative funding solutions" is on the rise, too. "Self-funded" plans have been around for a while, but companies with fewer than a thousand employees were unlikely to go that route. Until recently, smaller companies were mostly stuck with fully insured plans, and with the fees and taxes that go along with them—but the insurance carrier shouldered all the risk. Self-funded, or self-insured plans move the risk to the other end of the spectrum, onto the employer. In between these two ends of the range, from fully insured to self-insured, there now exist a multitude of creative options that employers can leverage for greater cost control. From level funded to partially self-funded plans, there is much more flexibility for employers of any sized companies, from two employees to 2000.
Exploring Alternative Funding options for your insurance plan can:
Give employers greater transparency into claims costs
Help employers tailor benefits plans to their specific employee population
Save money in the good years to provide cushion for years with higher claims
Reduce costs paid in fees and taxes
Lower employee out-of-pocket costs
At Arista, we know we're not the only ones touting the advantages of alternatively funded benefits. But we do know that we differentiate ourselves by providing an unparalleled client experience, through our personalized approach to crafting your strategy and our commitment to building relationships built on trust and transparency. We cultivate a relationship with our clients so they can foster better relationships with their employees.
Ready to learn how you can save money and be prepared for economic downturns?