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Is the future of Small Businesses Self-Funded Insurance Plans?

When the Affordable Care Act came into effect, businesses’ insurance premiums rose. But some small businesses strove to avoid this from happening. Small business came to the conclusion to partake in something called self-funding. Self-funded insurance takes place when companies pay employee health care costs out of their own treasuries.

Self-funding is a risky business move that is usually done by larger companies that can spread those risks across a larger payroll. According to the Kaiser Family Foundation’s survey of employees, in the past few years the amount of insured workers in small companies have stayed at a low percentage and stands at 13 percent as of 2016. But 2017 has brought a change and these statistics are slowly growing. Insurers and brokers are warming to the idea of self-funded insurance arrangements. The research professors of Georgetown University Health Policy Institute commented that the new arrangements are “the next best thing since I don’t know what in health care.”

Cosmo Insurance Agency’s carriers are part of the group of insurers that now offer self-funded arrangement such as Aetna, Horizon Blue Cross, and United Health Care.
Cosmo Insurance offers a variety of group health plans that can be either conventional or unique.

Our options include:

  • Conventional group insurance
  • Self-funded insurance plans for both small and large groups, offering premiums well below standard market rates
  • Insurance plans that refund to enrollees part of their unused premiums each year
  • HSA plans, which help you save on premiums and enables your money to grow

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