New Small Business Health Insurance Self Funding Plan is Saving Healthy Groups Up to 30 Percent

The New Self-Funded Plan Allows Employers To Get Money Back From the Insurance Carrier at Year's End.

According to recent projections by the Centers for Medicare & Medicaid Services, healthcare spending is expected to grow at an average annual rate of 5.7 percent from now until 2023. Yet some companies will actually be paying less for health insurance than they have in the past.

BenaVest, a South Florida Insurance agency located in Hollywood, Florida recently began specializing in Aetna’s new Self-Funded Insurance option known as Aetna Funding Advantage. This insurance plan helps employers reap the benefits of self-funding, a concept where the employer pays the employee's health care expenses but mitigates financial risk by purchasing stop loss coverage.  

Joe Gannon, owner of BenaVest, explains that “self-funded, small business health insurance plans save employers by allowing them to choose only the benefits that employees will need, not purchasing benefits that are never used, thereby allowing the companies to pay much lower monthly premiums.  Companies also save because they receive returns on unused claim funds at the end of the year, and pay lower taxes on their health insurance premiums.”

According to Gannon, “in the past self-funded health insurance plans were not typically offered to small employers due to the amount of risk they would face if claims were more than projected but now they don't have to worry about that because they are protected by the stop loss. Even better, small employers pay fixed monthly premiums and get money back at the end of the year if insurance claims were less than projected for the year. It’s a win-win.” Gannon has already saved one local plumbing company nearly 50 percent on health insurance premiums simply by switching to a self-funded plan.  The plan, Gannon explains, “gives employers monthly savings, better healthcare options, financial protection and simplicity when it comes to choosing a health care plan.”

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Source: BenaVest


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