Explaining Self-Funding Can Be Easier Than You Think
If you’re finding it hard to explain self-funding to your employees and colleagues, a good place to start can be sharing this fact: 59 percent of U.S. employees in the private sector already receive benefits through a self-funded health plan.
In fact, that number could be low. It’s based on a 2011 survey by the Employee Benefit Research Institute that examined private sector workers with health benefit coverage. In the three years since that study was completed, more small firms have begun self-funding.
An August feature in Madison’s In Business Magazine does a great job of showing how the Affordable Care Act (ACA) and other developments have spurred employer self-funding in the Madison area.
An Infographic Approach To Self-Funding
Despite the interest in self-funding, many people are often still confused by what’s entailed in making the decision to self-fund.
That’s why The Alliance produced an infographic that explains self-funding with easy-to-understand visuals. The infographic shares:
- What self-funding means
- Who the players are and what they do
- Who can self-fund their health plan
- How self-funding compares to a fully-insured plan
The infographic also links you to additional resources that offer more information.
You can view our infographic here. You may learn that self-funding is easier than you think.