Offering employees quality and affordable healthcare is a great benefit, but it can weigh heavy on your bottom line.
Our FreedomChoice Plan saves our customers on average around 40% on their insurance premiums. Some customers have saved up to 80%!
How can we do this?
Fully Insured Health Insurance Plan
This is a more traditional group coverage option. We work with a variety of major carriers in Kansas.
Self-Funded Health Insurance Plan
The employer operates their own health plan instead of going with a fully insured plan with an insurance carrier.
Why would you choose a self-funded policy for your business? It can save the profit margin that an insurance company adds to its premium. However, a self-funded policy also comes with big risks. You can find yourself in a situation where you incur more claims than you expected, which means you have to pay in more than you budgeted.
There are two main costs you need to consider:
Fixed costs - Administrative fees, stop-loss premiums and any other fees that are charged per employee.
Variable costs - Health care claims. These costs will vary month to month based on the services used.
To limit your risk, some employers will use a stop-loss or excess-loss insurance. This will reimburse the employer for claims that exceed a certain level. This type of coverage can be purchased to cover huge claims on one person, or to cover claims that exceed your budgeted level for the entire group.