Frequently Asked Questions
Who should consider self-funded and managed schemes?
Large companies that wish to take more control of their employee benefits programmes.
There are several good reasons for considering self-funding, also known as self-insurance. Self-funding provides protection against both predictable and unpredictable health care costs. You immediately save on direct costs typically included in medical insurance premiums.
Self-funded employers can also obtain stop-loss insurance to protect against potential catastrophic losses. Stop-loss premiums are typically much lower than premiums for a conventional fully insured medical plan. In addition to these cost savings, you gain other benefits including:
- Increased cash flow – You retain access to capital in your insurance fund that is not required to pay for current claims. The fixed costs of a self-funded plan are also much lower than premiums for a conventional fully insured plan.
- Increased control – You have the flexibility to develop your own healthcare plans and a greater degree of control over the distribution of benefits than with a conventional fully insured plan.
If you are interested in learning more about self-funding for your business, please – Contact Us.
How can a company protect itself from catastrophic circumstances?
Quite simply, by providing adequate coverage for its staff.
Med-Sure conduct regular team meetings with clients and their advisors to gauge response on our levels of service, to appreciate success and to continually develop through our challenges. Overall, our directive is to improve communication between service team members in different departments and, of course, to increase client satisfaction.
Is catastrophe and claim cost limiting insurance cover required?
You may wish to obtain stop-loss coverage through an insurance carrier. You can purchase specific stop-loss coverage which provides protection against catastrophic claims submitted by an individual, in addition to an aggregate stop-loss insurance, which limits the annual spend for claims submitted against your self-funded plan. Annual deductibles are established for both specific and aggregate stop-losses. Once these deductibles are met, the reinsurance carrier refunds money back to your plan for any future claims submitted within the plan year.