Self Funded Plans

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A self-funded plan is an attractive option to many employers. Hanratty & Associates has a wealth of experience in helping clients determine if self-funding is for their organization. And, because self-funded plans allow more flexibility, we assist you in custom designing your employee benefits plan to meet your needs.

Many times the benefits are similar to that of a fully insured plan. Instead of purchasing insurance coverage from an insurance carrier, you, as the employer, choose to fund the risk up to a certain level where a reinsurance carrier is engaged. The amount of risk assumed depends on the size of your organization, the nature of your business, and your tolerance for risk. We will also help you in choosing a reinsurance carrier.

Advantages of self-funded plans are many. Flexibility is one advantage because it allows you more control in designing your benefits plan. Self-funded plans are also portable from one carrier to another, which removes the disruption to employees that is associated with fully funded plans.

Plus, the cost savings experienced from self funding is substantial. Moving from a fully funded plan to a self-funded plan will realize cost savings because reserves for claims are held by you and released if claims actually occur.

Self-funded plans are governed by the Employee Retirement Income Security Act (ERISA) and follow Federal law. Hanratty & Associates will guide you through the regulations set forth by ERISA and keep you updated when changes are made to the laws.

Select105™ and Self-Funded Plans

Hanratty & Associates' Select105™ program is designed to work well with self-funded plans. The Select105™ is a consumer-driven plan design that works with a variety of carrier policies. Plans are custom designed to administer multiple medical and dental plan options including Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and Voluntary Employee Benefits Associations (VEBAs). Employers retain control of the plan design and costs. Plus medical plan costs can be lowered without compromising benefits.

Learn more about Select105™!