Modern-day employers are expected to provide healthcare benefits for their employees. Although some smaller employers are not legally required to do so, there are many reasons to provide health insurance even when it is not mandated. Yet, funding a group health insurance plan may create new expenses for which you weren’t entirely prepared.
Self-funded healthcare programs are a good alternative that offers fewer risks and often lower costs compared to traditional group health plans. If you are unaware of the benefits of self-funded healthcare programs, you should continue reading.
How Does Traditional Group Health Insurance Work?
Companies can purchase group health plans that their employees can join. The cost and risk are shared across the group of employees, lowering the overall cost of coverage. Usually, group health plans are a great fit for some employees but not so much for others. The employees are usually happy with the coverage, but many are frustrated that they have little control over which plans are available to them.
How is Self-Funded Health Insurance Different?
Self-funded plans are more cost effective than traditional insurance plans. These plans can also be customized specifically to the needs of the workforce, allowing employers to offer health coverage that is tailored to their employees. Self-funded plans are usually less expensive because they are not subject to state health insurance premium taxes.
Why Choose the CHAMP Plan™?
The CHAMP Plan™ is a personalized and self-funded clinical preventive healthcare program. It isn’t designed to replace your organization’s major health insurance program. Instead, it acts as a useful supplement to the benefits you already offer your employees. Through it, you can offer greater flexibility so your employees have more access to the healthcare they need to remain healthy and productive.
This plan is organized around advanced technology, allowing users to capitalize on virtual care benefits. With CHAMP, employers can save thousands on FICA taxes, and employees can increase their overall take-home pay. These benefits alone are enough to make a notable difference in your organization’s employee retention rate.
Learn More About Self-Funded Employee Healthcare
A majority of employers have never heard of self-funded health programs. Now that you are aware of them, the next step is finding out more. To get started with a free CHAMP Plan™ consultation, contact Champion Health to learn more.