Why does HR need a guide to self-funding? Understanding how self-funded insurance works can help your organization take advantage of the benefits this approach has to offer. Self-funding lets you take control of your healthcare spending and insurance plan design, allowing you to create a cost-effective plan and attract top talent to your company.
We understand taking the plunge into self-funding can feel overwhelming if you don’t have the right resources to help you implement your plan. But we’re here to make it easy. With Roundstone as your partner, going from a fully funded plan to a self-funded option can be a smooth transition that optimizes the savings and benefits for your company’s unique needs and demographics.
Our free eBook, the Essential Guide to Self-Funding for HR Executives, explains everything you need to know about how self-insurance works. This guide to self-funding offers tips and best practices for implementing self-funded health insurance for your business and maximizing your plan’s success. It explains how you can maximize savings, year after year, while still providing top-quality care for your employees. Your company saves while ensuring a high-quality benefits package to attract top-tier talent.
A Self-Funding Insurance Guide to Answer All Your Questions
In this guide to self-funding, you’ll discover:
- How self-insurance works compared with fully funded insurance
- The role of a Third-Party Administrator (TPA) and how they help you manage and fulfill claims for plan members
- How a self-insured group captive can benefit your small to mid-sized company, including risk sharing, minimizing costs, and a refund of 100% of unused premiums at the end of the year
- The role of a benefits advisor and how they can help you find the best funding options on the market so you can keep healthcare costs low while providing high-quality care customized to your employees’ needs
- How often you should meet with your advisor and what questions to ask during an advisor meeting to ensure complete transparency and full disclosure
- What your benefits advisor should do for you, from drafting a Summary Plan Description (SPD) to suggesting TPAs and pharmacy benefits managers (PBMs)
- What to expect of your TPA, including how they maintain compliance with the benefit plan and how they pay claims
- The ERISA regulations you need to consider that may impact your plan design
- The importance of a flexible plan design and how to use data analytics to develop cost containment strategies, access better prescription coverage, and incentivize employee wellbeing to reduce costs
- How to find and manage cost containment partners and establish vendor relationships with your benefits manager and our cost saving investigators (CSI) team
- How to create an employee engagement strategy that maximizes employee benefit usage through a thorough explanation of the benefits, built-in incentives, and add-on services
- How to develop a positive onboarding experience with a simple checklist covering plan document reviews, distributing member ID cards, using the online portal, and answering pharmacy questions
- What your responsibilities are as a group captive member and how to work with your PBM and TPA to onboard new members successfully
- The impact self-funded insurance can have on talent recruitment and retaining employees, including the ability to create flexible benefits plans with dependent care benefits, Health Savings Accounts, well-being programs, and telehealth access
Self-Funding Insurance from an HR Perspective
As an HR executive, your priority is finding the best health insurance plan possible at the most cost-effective rates. Self-funding lets you build your plan from the bottom up and work with preferred vendors and plan administrators to create tailored coverage for your employees.
Your company deserves to save on insurance. Your employees deserve top quality care.
Download our free ebook today to get the essential guide to self-funding to start saving on health insurance for your organization.