Virginia Employee Benefit Consultants Discuss Self Funded Insurance Plans

Fairfax, Virginia (pressreleasepower) January 23, 2020 - The Northern VA employee benefits consultants at BBG Broker recently released a blog educating readers on the benefits of self funded insurance plans. This type of insurance gives employers additional savings and flexibility over traditional insurance plans.

Empathize with readers who are employers who offer health insurance to their employees. Discuss the stress of having to pay a large portion of upfront costs for health insurance and having employees who don't take full advantage of the insurance (not in a bad way).

Offering health insurance to employees can help retain high performers, but it can also be stressful. Traditional insurance requires employers to pay large up front costs, and when employees don't take full advantage of their benefits, employers are left with no ability to recoup their investment. Self funded insurance plans, meanwhile, allow employers to pay for claims as they're made, with provisions in place to help them pay for claims related to serious illness or injury.

Small and large businesses alike can benefit from establishing self funded insurance plans. These plans typically offer improved cost savings because they let employers dictate how the account should be managed, rather than relying on an insurance provider's pricing and discounting strategies. There's also better flexibility when it comes to choosing and implementing a wide range of benefits. Unlike traditional insurance plans that require the payment of monthly premiums, self funded plans are only funded as necessary, enhancing cash flow throughout the year. The regulations around self funded plans are also less stringent than traditional models, which can help employers choose the perfect combination of benefits and payment structures for their needs.

Speak to the benefits at BBG Broker for more information about self funded insurance models. The brokerage's experienced staff can help you choose the best type of insurance model for your company, then assist you in implementing the chosen program. BBG Broker can also provide a number of other business solutions, including benefits consulting, succession planning, and HR compliance and technology support. Contact BBG online at https://www.bbgbroker.com or by phone at 844-201-3612. The brokerage is located at 4069 Chain Bridge Road, Top Floor, Fairfax, VA 22030.

 

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