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Self Insured Coverage

Home Self Insured Coverage

Self Funded Health Insurance Coverage

Business Pays All Claims and Manages Risks and Costs

A self-insured plan is one in which the business pays the actual claims and essentially assumes the role of the insurance carrier in terms of managing risk. Many large companies offer at least one plan that is fully self-insured because they have a large pool of covered employees and also have the cash reserves to protect against a spike in claims volume or amount.

Historically, self-insurance has been perceived as far too risky in the small business market for a number of reasons. Small businesses typically have less cash on hand and can’t weather a dramatic increase in costs as easily. Also, claims data is very hard to come by in small business so it’s difficult to judge if self-insuring is worth the risk because you don’t even know the risk! Most small businesses also lack the manpower in-house to actually review and process claims so they still pay an insurance company to act as a Third Party Administrator (TPA). Though the business is paying the claim, the insurance company will actually process it accordance with the plan documents and ensure that all protocol is followed.

Self Funding Example

Self Funded Insurance is where the business pays claims directly, charges fees to employees and manages risk and administers the service.  These tend to be higher risk for small business because unexpected claims require larger cash reserves.  But there are savings to be had over fully funded insurance.

Partnership Insurance, LLC is an independent full-service insurance agency, offering solutions for businesses, individuals and seniors. We work with the top insurance companies so we can offer our clients the best coverage for them. Our clients are located all across Minnesota and Wisconsin, giving us a great feel for the insurance landscape. We design plans with focus on low out of pocket cost while maximizing our client’s insurance benefits. We accomplish this by providing personalized insurance advice aimed at helping our clients make better-informed decisions regarding their plans.

Self Funded Insurance Coverage

  • Administrative Expenses
  • Claims Paid
  • Premium Savings

Learn More about Self Funded Insurance

Manage Your Benefits and Risks to Reduce Costs

Our professional team of insurers have experience in Minnesota and Wisconsin and a strong grasp on insurance that meets your business or personal needs and exceeds your service expectations.  Contact us today and find out what Finances Made Simple LLC can do for you.

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  • Brian Lasher
  • Partnership Insurance LLC
  • 10150 City Walk Drive, Suite A2, Woodbury, MN 55129
  • 612-269-2137
  • brian@partnershipins.com
  • https://partnershipins.com

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  • Level Funded Coverage
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