Group Health Insurance: Self-Insured compared to Fully Insured
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Group Health Insurance Ohio
The choice between self-insured and fully insured plans depends on an organization's goals, risk tolerance, and financial situation. Self-insured plans offer greater control and potential cost savings but come with more financial risk. Fully insured plans provide predictability and risk transfer but may be more expensive upfront.
It's important for employers to carefully evaluate their specific circumstances and consult with insurance professionals or benefits consultants to determine which type of plan best suits their needs and the needs of their employees. Additionally, regulations and market conditions may vary by location, so it's essential to consider local factors when making this decision.
Helping navigate changes and determining what type of plan works for your Ohio-based employees is what we do at DiStefano Insurance. Our knowledgeable advisors work hard to help you find the most affordable group coverage for your employees from a wide range of reputable insurance companies.
Self-Insured Plans:
Employers choose to self-insure when they want more control over their health insurance plans. With self-insurance, the employer pays for employees' healthcare costs directly, rather than paying fixed premiums to an insurance carrier.
Fully Insured Plans:
In a fully insured plan, the employer pays a fixed premium to an insurance carrier in exchange for coverage. This means that costs are predictable and stable, making budgeting easier for the employer.
Our Commitment to You
At DiStefano Insurance, our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow our team to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given personalized attention needed to design the right fit of insurance and risk management protection for your insurance package.