Why Self-Funding Healthcare Doesn’t Have to Be Scary
By McKenzie Nau, Insurance Advisor at Andres O’Neil & Lowe Insurance Agency
October is here, and while the ghosts and goblins might make an appearance this Halloween, there’s one thing that doesn’t have to be scary: self-funding your business’s healthcare plan!
Self-funding is often seen as a haunted house full of risks and uncertainties, but with the right guidance, it can be more like a treat than a trick. Let’s shed some light on the shadows surrounding self-funded healthcare and show you why it might just be the best choice for your business.
What Is Self-Funding?
Self-funding, or self-insured healthcare, is when your business takes control of its own health plan, paying for employee medical claims out of pocket rather than relying on a traditional insurance carrier. Instead of facing spooky surprises from insurance premiums, you only pay for the healthcare services your team actually uses.
Debunking the Myths: Don’t Fear the Unknown
Here are a few of the most common fears we hear about self-funding, along with reasons why you shouldn’t let them give you the chills:
1. Myth: “The costs will be monstrous!”
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Reality: Self-funding can actually save you money in the long run. Unlike traditional plans where premiums can skyrocket, you only pay for the claims incurred. Plus, you get to keep the savings if your claims are lower than expected—talk about a Halloween treat!
2. Myth: “Our small business will get gobbled up by big claims!”
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Reality: With the right stop-loss insurance in place, you’ll have protection against large, unexpected claims. It’s like having a superhero on call to keep the financial monsters at bay.
3. Myth: “It’s a maze of confusion!”
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Reality: Self-funding doesn’t have to be complicated. With the help of a knowledgeable advisor (like the team here at Andres O’Neil & Lowe Insurance Agency), you can design a plan that suits your business’s unique needs while staying within budget.
The Treats of Self-Funding Healthcare
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More Control: You have the power to customize your plan based on your employees’ needs, offering flexibility that fully insured plans often lack.
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Transparency: No more mysterious costs or hidden fees; you’ll have a clear understanding of where your healthcare dollars are going.
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Potential Savings: If your claims are lower than expected, those savings go straight back into your pocket—not the insurance company’s.
How Andres O’Neil & Lowe Can Help You Brave the Night
We get it—self-funding can seem like walking through a haunted house in the dark. But when you partner with Andres O’Neil & Lowe Insurance Agency, you’re never alone in this spooky adventure. Ask us about our exclusive Captive group of like-minded employers who have bought into our sustainable health plan solution. Our experienced advisors are here to guide you every step of the way, turning those scary unknowns into clear and manageable solutions.
Ready to Face Your Fears?
Don’t let the fear of self-funding send you running for the hills! At Andres O’Neil & Lowe, we believe in turning challenges into opportunities. If you’re curious about how self-funding could work for your business, reach out to us today. We’ll help you navigate the twists and turns with confidence, so you can focus on growing your business—without the fright!
Happy Halloween from Your Friends at Andres O’Neil & Lowe Insurance Agency!
Contact us today to learn more about how self-funding healthcare can be a treat, not a trick, for your business.
