Self Funded Healthcare - An Analysis Term Paper by Nicky

A look at self-funded health care plans.
# 151165 | 2,531 words | 6 sources | APA | 2012 | US
Published on May 25, 2012 in Business (Human Resources) , Medical and Health (General)


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Description:

This paper examines self funded healthcare plans, focusing on their advantages and disadvantages to a company offering them to employees. The paper also considers when a self funded plan is appropriate and what precautions should be taken. First, the paper defines a self funded healthcare plan, noting the role of the employer in this choice and the individual. Next, the paper addresses the advantages and disadvantages of these plans, with an emphasis on fiscal issues and control. Finally, the paper explores when self funded plans are appropriate and the factors one should be aware of when choosing such a health care plan. The paper concludes by stating that organizations should take the implementation of self funded plans into careful consideration before going through with it, and the organization should be certain that a self funded plan will be of benefit to the company.


Outline:

Introduction
Definition of Self Funded Plans
Advantages and Disadvantages of Self-Funded Plans
Advantages
Disadvantages
When is Self-Funding Appropriate
Factors Organizations should be Aware of
Conclusion

From the Paper:

"According to an article published by the state of Colorado, there are two types of employee benefit plans: fully insured or self-funded. The article explains that under a fully funded plan the employer actually contract with a commercial health insurance company ("Erisa"). Under this type of plan "the insurer covers the employees and dependents ("What is a self funded plan?)." Under such a plan all of the risk is assumed by the insurance company ("Erisa"). When a fully insured plan is utilized by employees there are certain state and federal laws that must be followed ("Erisa"). A self funded plan is defined as a kind of job-based health insurance plan, that is paid for by the employer ("What is a self funded plan?). It is also important to point out that although the aforementioned plans are referred to as self funded ("What is a self funded plan?). Employers are not usually forced to assume all the responsibility associated with claims that are catastrophic. Instead the employer purchases a type of insurance called a stop-loss or excess-loss insurance. This type of insurance allows the employer to be reimbursed when claims surpass a particular amount..."

Sample of Sources Used:

  • Advantages of Self-Funding. Retrieved September 30, 2009 from; http://www.physicianscare.com/content/public/default.aspx?id=327
  • Gammon, . R. B. (2009) Self-funded health care could lower costs. The Business Journal of Milwaukee - by Retrieved September 30, 2009 from; http://milwaukee.bizjournals.com/milwaukee/stories/2006/02/27/focus4.html
  • Schreck, Tom The Business Review (Albany) - by For The Business Review Retrieved September 30, 2009 from; http://albany.bizjournals.com/albany/stories/2005/12/05/focus4.html
  • "Erisa". Retrieved September 30, 2009 from; http://www.dora.state.co.us/INSURANCE/consumer/2009%20docs/consFaqERISA010909.pdf
  • Is Self-Funding or Fully Insured Right For Your Company?. Retrieved September 30, 2009 from; http://www.physicianscare.com/content/public/default.aspx?id=330

Cite this Term Paper:

APA Format

Self Funded Healthcare - An Analysis (2012, May 25) Retrieved January 27, 2022, from https://www.academon.com/term-paper/self-funded-healthcare-an-analysis-151165/

MLA Format

"Self Funded Healthcare - An Analysis" 25 May 2012. Web. 27 January. 2022. <https://www.academon.com/term-paper/self-funded-healthcare-an-analysis-151165/>

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