Group Health Solutions Inc. is a full service employee benefits agency providing our clients with the expertise they need to navigate through the complex world of group and individual insurance.
Self-Funded Health Plans
All group medical benefit plans fall into one of two categories: self-funded or insured. The choice of one over the other should not be made arbitrarily. Each type carries its own set of administrative rules and legal constraints.
What is Self Funding?
Under an insured health benefit plan, an insurance company assumes the financial and legal risk of loss in exchange for a fixed premium paid to the carrier by the employer. Employers with self-funded (or self-insured) plans retain the risk of paying for their employees’ health care themselves, either from a trust or directly from corporate funds.
Many employers both large and small are looking at a self-funding solution now more than ever. With the power of having claims data to analyze as well as the ability through wellness programs to truly impact the health of your population self-funding your health plan is something your company should consider.
The risk assumed in either situation is the chance that employees will become ill and require costly treatment. When employees have few claims and few expensive illnesses, the self-funded employer realizes an immediate positive impact on overall health care costs. Conversely, if the employee group has unfavorable claims experience, a self-funded employer would incur an immediate expense beyond what may have been expected. Insured plans have a more predictable cost for the year; however, large employee claims costs from one year can affect future premium amounts.
Learn more about Self-Funded Health Plans
Would you love to stop the agony of picking a health plan for a group of your employees but still want to sponsor a robust benefits program to recruit and retain the top talent?
A Defined Contribution, Employee Choice model combined with proven decision making support to simplify choices empowers employees to get the coverage they need and understand.
Do you want to expand your benefits offering but struggle to find the best way to deliver these benefits to your employees?
A private exchange enables you to offer a fortune 500 benefits model with the administrative simplicity you deserve.
Professional Employer Organizations (PEO)
Sometimes companies have trouble meeting their human resources needs, especially while also trying to increase profits. To assist in this area, many companies hire professional employer organizations (PEOs).
Would you like to cut health care costs, access jumbo company plans, outsource risk for labor law and benefits compliance for less than it would cost to hire a Senior HR Professional? Than a PEO might be for you. With NYS keeping small group at 1-100 employees PEO’s are a potentially great solution for 51-99 size employers who have to deal with all the compliance of the ACA but are forced into buying health plans with community rated rates.