At Bowen Insurance Group we have been helping business owners with their employee benefits for over 20 years. Many people think of group benefits as strictly medical coverage. There are many more types of insurance to consider; Dental, Disability Income, Life, Vision. We take pride in saying that we have helped our groups save significantly in claims and premiums.
Dental, Vision, Life and Disability Income Insurance are the most common types of ancillary benefits. We work with several companies to help find the right benefits at the best cost for you and you employees. As the business owner you can choose which types of insurance you would like to offer.
Fully Insured Plans or Self-Funded Plans
A Fully insured health plan is the traditional way to construct an employer-sponsored health plan. The company pays a premium to the insurance company. The insurance company collects the premiums and pays the healthcare claims based on the benefits outlined in the policy. Premium rates are fixed for a year, based on number of employees enrolled in the plan each month
With a Self-insured or self-funded health plan, employers can run their own health plan as opposed to purchasing a fully insured plan from an insurance company. Employers pay for employees’ claims with your own funds. Self-funded plans are usually contracted with a third party to administer the plan. Since you manage the risk of a self-funded plan a stop-loss insurance option is purchased to limit financial risk. Self-insured plans can allow employers to save significantly on premiums.