||Wednesday, Nov. 6, 2019
||1 p.m. EDT
Nat Peniston, Vice President, The Contractors Plan
ABC Members Only
Do you own or rent your house? Approximately 70% of homes in America are owner-occupied for several core reasons: it allows the owner to build equity, provides the freedom to personalize as desired and offers certain tax advantages. When you think about it, these explanations also apply to “self-funded” vs. “fully insured” health insurance.
A self-funded, or more specifically, “level-funded” plan is like owning your house. Instead of a single amount paid to a landlord, each component of the plan is disclosed and negotiated, providing employers with the ability to customize their plan, reduce costs and, if the plan runs well, have an opportunity to apply the excess funds toward future benefits. Construction contractors tend to employ young, healthy, male populations who are low utilizers of medical benefits, which further creates an incentive to level-fund. As a plan incurs fewer medical claims relative to actuarial expectations for the population at large, the more money remains in reserves for future claims, increasing benefits or reducing premium costs.
This Webinar is Designed to
Who Should Attend
- - Convey key facts about partially self-funded medical plans.
- - Understand how and when self-funded can work in construction. Is this a fit for my company?
- - Integrating other benefits (retirement, dental, etc.) into a cohesive array.
- - The benefits of leveraging a common enrollment/benefits administration platform.
- - Provide the steps to take in order to move from fully insured to self-funded.
- - Business owners
- - HR professionals
- - Agents and brokers who cater to contractors