Why are business owners taking advantage of and implementing self-funded plans?
Employers are fed up with unjustified increases from their traditional fully insured programs that lack reporting data to back them up. By implementing a self-funded program, employers gain control of their plan designs and reporting capabilities and also have the opportunity to lower costs dramatically. These self-funded plans help offset high and rising medical costs and are easy to set up and administer with the help of a broker. How do self-funded vision and dental plans work compared to a fully insured plan? The self-funded vision plan is a reimbursement program. You may utilize any licensed eye care provider. A typical vision plan would reimburse an employee $50 for an exam and $100 for glasses or contacts. This level of benefit matches the plan designs offered by the fully insured market but at a much lower cost. A fully insured PPO dental plan can cost between $30 and $40 a month for single coverage. The self-funded dental plan with the same benefit level runs nearly half of th
