On this week’s show we have Belva Hale discussing if self-funding insurance is right for your entity or organization. She is the Vice President of business development at Sherrill Morgan with years of experience in varying roles in municipal governments, assisting employers with Human Resources, Risk Management and Benefit issues by strategizing outcomes that benefit both the citizens in the community and the employees is a fulfilling challenge.
Self Funding Insurance vs Fully Insured
Firstly, it depends on the size of your organization and depending on that determines if you will have the benefit of being able to have control over the plans for your employees where you can establish that plan to meet the needs of your policy. Usually if you have a hundred employees or more, you're a real good candidate for self funding as well as how your plan is being utilized is good criteria to look at being self-funded or using a fully insured plan.
Its important to also consider and look into your premiums - are they increasing yearly and how much and the reason that it is increasing at the rate it is. With self-funding you have more control, more ability to know what is going on and why.
