With the New Year upon us, Employee Benefit News invited Paul Johnson to discuss the benefits of self-funding vs. traditional health insurance. In his commentary, he shared the opportunity for companies to transform healthcare from a costly problem to a competitive advantage.
Self-insurance eliminates the profit margins, marketing costs and administrative expenses built into major medical plans,allowing companies to spend their dollars on real healthcare. The cost savings are significant, but that’s not the only perk; unlike traditional insurance, self-funding enables employers to customize benefits for their workforce, allows them to provide quality healthcare and gives them an edge in recruiting the best talent.
Read the full article to learn why self-funding may be the best option in 2017.