The goal for any SIE client is a simultaneous significant reduction in plan costs and improvement in employee satisfaction and engagement. Employers need to have the data on how the plan is running today as well as a “stress test” to know the range of possible outcomes in the future. We believe that employers and plan sponsors need this level of analysis.
Many employers with fully insured plans have never considered partial self insurance; for the rest, too many of them have been willing to focus almost exclusively on the fixed costs of administration and stop-loss insurance, as if the variable claims costs cannot be affected. The adage, “The claims are the claims” does not need to be true. These employers might even have taken the advanced step of adding an on-site clinic, but if they stop there they are greatly sub-optimizing their opportunities.
The term “self-funding” can lead to unnecessary anxiety among those not familiar with the methods to control risk or are generally not familiar with the many advantages (and disadvantages) of such plans. In comparison to a traditional fully insured health plan, where for a fixed monthly premium all or most of the risk is with the health plan, in a self-funded plan, the risk is on the employer or plan sponsor (although most of the risk is laid off to separately purchased catastrophic stop-loss coverage).
SIE exists for one reason—to evangelize the need for employers to become engaged and optimize medical cost management. We enable companies to take advantage of the latest in cost-cutting tools, resources, and expertise. Self-funding is not a panacea and it is not right for every firm, but it does allow employers to maximize the value of those latest tools and resources. For health plans that are already self-funded, it will work to optimize the cost saving opportunities of the plans, even while helping to improve employee engagement and satisfaction with the plan.
SIE is laser-focused on all of the many numbers of self-funding in order to save employers money, but it doesn’t stop there.
Reduce or Eliminate Unnecessary Surgeries
Find Tomorrow's Large Claimants Today
Avoid Tragic Medical Events
Save Lives Beyond What The Health Plan Offers
Customized Stress Test Report
Sometimes catastrophic, expensive claims can occur that are ongoing, year after year. What guarantees does your stop-loss coverage include for later years if no other carrier will take you? Find out how you will fare in this report– it might be eye-opening.
Customized Cost Control Guide
Understanding the cost impact of each component part of a self-funded health plan— and understanding the many options available to potentially reduce the cost of each component—can be the start to controlling overall plan costs.
Deep-Dive Health Plan Analytics
This report outlines how data analytics can help find the needle-in-the-haystack member who is not compliant or is not aware of his or her at-risk status, thus potentially saving money and improving health.
There are two issues that apply to Health Savings Account compatible plans (HDHPs) when they are self-funded by the employer that are very rarely mentioned, usually because the broker|consultant is not even aware of them. Briefly they are outlined below: Fiduciary...read more
There is a scene in the John Wayne movie, Big Jake, where John Wayne as Jake comes upon a sheep farmer with a noose around his neck, about to be hanged by arch enemy cattle ranchers. Jake decides to make this his business by offering to buy the sheep for a stated very...read more
While much is said about employee engagement little is said about employer engagement, and yet to optimize a health plan the employer really needs to be engaged in the process and ask the right questions. Here are some sample questions for plan sponsors that currently...read more
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