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Understanding self-funded and partially self-funded health insurance

All right so welcome to good neighbor Insurance I wanted to talk to a little bit about today about our self-funded guide self funding your group health insurance especially your international group health insurance one thing we did was we put together a guide so that people could understand organizations and HR directors and CEOs could understand a little bit more about what a partial self-funded plan is what a purely self-funded health plan is you might have heard about this partially self-insuring and self funding is like all the rage these days so what is it so we put together a guide hope you understand some of the concepts about what self-funded plans are why they’re so popular some of the pros and cons of funding of self funding your insurance or partially cellphone on your insurance a few concerns to keep in mind a little bit about how to use this guide sometimes why a traditional group health insurance plan may be best we talking here about reinsurance about trends we talk about TPAs and lasering and stop-loss and the importance of PPO networks a lot of important stuff if you do are new to this concept you don’t really know how that this all works the importance of plan design and why partially self-funded plans may not be best for everybody a couple elements you might want to know about specifically in terms of partially self-funded health insurance when you’re looking at an overseas group one thing you want to look at is you don’t really want a TPA or a third party administrator that is a domestic TPA and the reason for that is because all their specialty is going to be in the US once they get dealing with claims that are coming from overseas they’re going to be largely inefficient and not know how to deal with claims they’re coming from overseas because it does not use to that that I use the documentation conversion rates orders and prescriptions and things being in other languages it’s going to be a huge challenge verifying hospitals in order to pay claims and all that type of thing so you really want a very good international TPA the other question and the other issue you’re gonna want to deal with that we talked about in this guide is you want to make sure that your domestic and international insurance are separate now the reason for that is because a lot of times people will use international staff in order to underwrite the additional costs of us-based insurances so when you get all of your international people and all of your enough your domestic people and one in the u.s.

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In one pool you’re not going to be able to control your claims and control your costs the same way if you’re gonna get a rate increase for your entire organization across the board it’s going to be largely based on US claims even though your international staff may not be using the insurance or paying as much for their claims because they’re overseas so if you get a 9% or 12% increase across the board based on the u.s. you’re not gonna be able to do a lot and argue for why your international staff shouldn’t be getting that increased if you keep your insurance is separate you can keep track of what’s going on you can keep track your claims you can keep track your behavior you can see what’s happening and you can also argue and negotiate with your carriers or with your carrier internationally versus domestically as to what’s happening so you know better what’s happening your reporting is better and you’re gonna be able to control your rate increases look better we talked about lasering we talked we have some instructional videos and cost-cutting on partially self-funded so this is a great introductory guide we put together to help under groups understand a little more about the importance of plan design and what is a partially self-funded insurance plan what is a self-funded insurance plan with or without reinsurance what you need to look for who it’s good for when a traditional plan is better size risk even some questions and concerned about switching back into a traditional plan if your experience isn’t good you know partially self-funded or self-funded plan so this is to help you this is offered through good neighbor Insurance and it was created just a couple years ago and whole point is to help your organization understand a little bit better what is what you should be looking for and what is a good partially self-funded or a good self-funded insurance plan so this is Mark good name insurance write to us at group at GN insurance com that’s G group at GN insurance calm or call us at for a tow eight one three ninety one hundred that’s for 808 one three ninety one hundred you can also go to our website at GN insurance comm and you can order this guide for free you can order it

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