Why You Need Self-Funded Health Insurance In Cleveland Ohio
You may wonder why employers are gradually shifting towards self-funded health insurance in Cleveland Ohio. It is because a lot of people are waking up to the benefits. Employers that adopt self-funded health insurance in Cleveland Ohio pay less tax, have less regulations and they have more cash flow.
The other reasons you should also consider adopting self-funded health insurance in Cleveland Ohio have been outlined right below.
It gives you more financial control
If you decide to fund health insurance plans of your employees, you only get to pay when a claim is due rather than paying regular insurance premiums. This gives you more control over the funds earmarked for insurance.
Funding claims directly saves you from contingency margins, premium taxes, risk charges, profit margin, administrative costs, cost of claim reserves and many more. This is because you have virtually eliminated middlemen and this will save you a whole lot of money.
It offers more plan flexibility
When you fund your insurance, you also have the liberty to plan the benefits as it pleases you or as it benefits the company. Companies practicing self-funding health insurance policy are exempted from state insurance laws. This gives more control and flexibility.
If a particular plan does not work, you can change it. In fact you can keep re-designing and changing health plans until you arrive at a plan that is favorable to your budget, values and strategic planning objectives.
It also enhances better utilization of payment
Since you fund the health insurance of your employees directly, you have control over the kind of inpatient and outpatient services that they receive. Of course, you will definitely monitor how each payment is spent. Not only that, you may also want to ensure judicious use of the money.
Freedom of choice
As an employer who funds the health insurance of your employees, you are free to negotiate with any health provider based on the need of your employees and you can also negotiate their charges too. The point here is that you can take advantage of the service competition among healthcare providers to get a very good deal.
Choosing a health provider
Having gone through the benefits of self-funded health insurance policy, you should also arm yourself with the necessary tips on choosing a health provider. Your main objective is to get the best health care for your employees at the lowest possible cost.
Contact as many health providers as possible
You need to compare charges against terms of service. So, you should have a discrete discussion with as many health providers as possible. Then, you can negotiate. While some of them may not go any lower in their payment plans, many others offer payment flexibility.
It is also good to consider health providers that have been in business for years if not for decades. Your employees will likely get better treatment from experienced health providers.
In conclusion, it is very important to raise the safety standard in your office premises to reduce the chances of an accident. Remember, if a serious accident occurs, it could cost you a big chunk of what you have saved with self-funded insurance.