Self-funding your organization’s health plan can be a smart choice for companies looking to minimize their costs while providing quality benefits to their employees. Working with a top-tier third-party administrator (TPA) like HPI is the key to maximizing self-funding advantages.
Take control of your costs
With self-funding, you pay claims costs as they occur, which can dramatically reduce costs compared to fully funded insurance plans. Integrated stop-loss insurance helps mitigate financial risk by capping costs. Plus, you can reduce taxes on healthcare premiums.
Customize your plan
Self-funding offers the flexibility to create a benefit plan tailored to the needs of your organization and your employees. You get the features you want—and you only pay for what you need. Self-funded plans are exempt from most state mandates under ERISA.
Reduce administration costs
TPA fees are typically 15% to 20% less than those of larger insurers. So you pay less and receive excellent service.
Enjoy greater transparency
Fully funded insurance plans provide little or no visibility into your actual claims costs. With a self-funded plan, you have greater transparency, with the ability to review and analyze your organization’s actual costs and the trends driving them. So you can make informed decisions to optimize your health plan spend.
Who’s it for?
A self-funded health plan is a great fit for companies that:
- Want to closely and carefully manage health benefit expenditures and reduce costs
- Want the cash flow advantages of paying claims directly
- Want more transparency of claims and utilization data
- Meet the criteria for stop-loss coverage
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Ready to experience the HPI difference?