The cost of health insurance continues to rise. The government knows it’s broken and is trying to fix it, but how likely are they to create an affordable solution? The conventional approach of bidding out your plan directly or through brokers to multiple carriers is no longer the sole solution to this dilemma. More and more companies with at least 50 employees are becoming better, savvier shoppers for health insurance. A growing trend towards self insurance is emerging, generating significant savings for many of these companies.
Is self insurance the right solution for your company? Have you investigated this option and assessed whether it would be appropriate? Given the high cost and rapid escalation of health insurance premiums with conventional programs, failing to conduct this type of assessment may be costing you tens or even hundreds of thousands of dollars per year. Take the time to find an expert that is not vested in the status quo to educate you on the pros and cons of self insured health care. If they are the right partner, have them analyze your current program and compare the risks and rewards of transitioning to a self insured program. The result may not change your course, but at least you will know with confidence that your are on the right plan and that you are not throwing away your hard earned dollars.