Understanding Your Options: Self-Insured vs. Fully Insured Plans

Medvisioninc30 Oct, 2024Health

A self-insured plan, also known as a self-funded plan, is when the employer assumes the financial risk of providing healthcare benefits to its employees. Instead of paying a fixed premium to an insurance company, the employer allocates funds to pay for healthcare expenses. Here, the employer assumes all the financial risk. They are responsible for paying all employee claims. With this, self-insured plans offer more flexibility for employers, as they can customize their benefits and manage the plan's administration