A self-funded, or self-Insured plan, is one in which the employer assumes the financial risk for providing health care benefits to its employees. In practical terms, self-insured employers pay for claims out of pocket as they are presented instead of paying a pre-determined premium to an insurance carrier for a fully insured plan. This gives employers maximum flexibility in controlling both plan design and cost.
Captives are another method by which risk-to-loss is financed. This insurance policy is contained within an insurance company of which you become part owner. By joining our health care captives, you’ll be spreading your risk among larger groups of businesses while retaining flexibility, customization and of the same protections offered by a self-funded health plan.
Professional employer organization is an increasingly popular option for employers. This arrangement allows you to economically outsource administration of human resources , employee benefits, payroll and workers compensation insurances while mitigating risk via a co-employment model. Finding the right PEO can be overwhelming but with our experience and top-level partnerships, we have the connections and knowledge to find the best solution for you.
Employers with 2 – 50 employees often find it difficult to find quality and affordable employee benefit plans. Miller Loughry Beach works with groups of 2 – 50 to find quality, cost effective plans that allow small employers to attract top talent, retain current employees, and improve employee satisfaction. All these factors contribute to an increased bottom line.
These plans are appropriate and popular for both large and small businesses. Tax-advantaged accounts such as Health Savings Accounts (HSAs) or health reimbursement arrangements save employees money while also helping employers lower their overall premium cost by choosing higher deductibles and out-of-pockets.