Partially Self Funded Health Insurance
A great financial opportunity for your company of over 100 employees.
Partially self funded health insurance offers a unique opportunity for Idaho companies to offer excellent health benefits to their employees at a reasonable cost.
Why are partially self funded health benefits a great fit for your Idaho company?
Partially self funded employee health benefits offer many advantages for Idaho employers:
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Full benefit customization
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Substantial cost savings
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Ability to retain excess funds
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Minimal annual renewal increases
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Compliant and cost effective health plans
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Lower participation requirements
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Full plan experience reporting
How does partially self funded health insurance work?
Our partially self funded (PSF) employee health plans partner with important parties to operate efficiently and save your company money.
Your Comany
Your employees are the vital part of a PSF health plan. Their participation and utilization make the plan function efficiently.​
Bowen Insurance Group
Our team works between your company and the other parties to make sure that your plan is set up for maximum savings and compliance. We also work with you and your employees to answer questions and solve issues.​
Third Party Administrator
(TPA)
The TPA processes and pays claims so that you do not have to.​ They also assist with employee service and plan management.
StopLoss Insurance
Stoploss coverage takes much of the risk out of partially self funded insurance. Once an employee hits a certain threshold of claims, the stoploss insurance covers the claims.​
Claims Repricer
A claims repricer ensures that your company pays a fair and reasonable amount for your employees' medical claims. ​
Captive
A captive can offer an additional layer of protection between what the company pays and what the stoploss insurance pays. A captive pools claims with other groups to limit risk for your company.​
Partially self funded insurance
Fiction Vs. Fact
Fiction: Partially self funded insurance (PSF) is a "scam."
Fact:
PSF insurance is a financially wise and compliant solution to offering employee health benefits. PSF insurance must be managed with the right team of trusted partners.​
Fiction: An employer has to pay for every employee health claim out of their own pocket.
Fact:
An employer pays claims for employees after they have been repriced and have network discounts applied. They only pay claims up to the stoploss threshold, the stoploss carrier pays claims above that amount. A captive can also reduce the amount paid out of the company's pocket.​
Fiction: PSF health insurance is not "real" insurance.
Fact:
PSF plans are carefully designed to be compliant with ACA guidelines. They are legally required to pay claims and follow enrollment rules as laid out in their plan document.​
Fiction: I can't offer multiple plan options to my employees.
Fact:
You have overall control of what benefits are offered. You have the ability to offer multiple plans including PPO and HSA plans.​
