A new article from Precision Benefits Group's Principal, Robert DeNinno explores the pros and cons of self-funding health insurance for mid-size companies. The article features an interview with Gregg Mills, FSA, MAAA, a healthcare actuary for BDO USA, P.A. and formerly of Independence Blue Cross.
PHILADELPHIA, Sept. 20, 2023 /PRNewswire/ -- Mills discusses the potential cost savings of self-funding, as well as the risks and challenges involved. He also provides tips for mid-size companies that are considering self-funding, such as starting with a level-funded plan or partnering with a third-party administrator.
"When moving to a self-insured plan, the entity's management must be willing to buy into the risk management strategy." Mills says. "Management will need to articulate why taking a thoughtful approach to purchasing healthcare is not only good for the employer but good for employees as well."
Read the full article on Precision Benefits Group's website.
Key takeaways from the interview:
- Self-funding can save mid-size companies money in the long run, but it also involves more risk.
- Companies should consider their risk tolerance and financial resources before making the decision to self-fund.
- Level-funded plans can be a good way for midsize companies to get started with self-funding without taking on too much risk.
- Companies should partner with a qualified advisor to help them design and implement a self-funded health insurance plan.
If you are a mid-size company considering self-funding, read the article and talk to a qualified advisor.
Media Contact
Robert DeNinno, Precision Benefits Group, 1 215-235-0540, [email protected], https://www.precisionbenefits.com/
Gregg Mills, BDO USA, https://www.bdo.com/
SOURCE Precision Benefits Group
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