A new article from Precision Benefits Group's Principal, Robert DeNinno explores the pros and cons of self-funding health insurance for mid-size companies. The article features an interview with Gregg Mills, FSA, MAAA, a healthcare actuary for BDO USA, P.A. and formerly of Independence Blue Cross.
PHILADELPHIA, Sept. 20, 2023 /PRNewswire/ -- Mills discusses the potential cost savings of self-funding, as well as the risks and challenges involved. He also provides tips for mid-size companies that are considering self-funding, such as starting with a level-funded plan or partnering with a third-party administrator.
"When moving to a self-insured plan, the entity's management must be willing to buy into the risk management strategy." Mills says. "Management will need to articulate why taking a thoughtful approach to purchasing healthcare is not only good for the employer but good for employees as well."
Read the full article on .
Key takeaways from the interview:
- Self-funding can save mid-size companies money in the long run, but it also involves more risk.
- Companies should consider their risk tolerance and financial resources before making the decision to self-fund.
- Level-funded plans can be a good way for midsize companies to get started with self-funding without taking on too much risk.
- Companies should partner with a qualified advisor to help them design and implement a self-funded health insurance plan.
If you are a mid-size company considering self-funding, and talk to a qualified advisor.
Media Contact
Robert DeNinno, Precision Benefits Group, 1 215-235-0540, [email protected],
Gregg Mills, BDO USA,
SOURCE Precision Benefits Group
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