When it comes to employee healthcare and benefits, we view the world differently. We put employee health first. We work with our clients to uncover their unique healthcare needs, opportunities, and pain points, with the ultimate goal to lower costs and improve the quality of care for employees. Our innovative thinking means we challenge the current healthcare status quo and reset a company's health plan to align with its priorities, goals, and values.
This is the traditional model where the employer pays a fixed monthly premium based on employee enrollment to an insurance carrier for medical coverage. In return, the insurance carrier pays claims and manages plan benefits. At the end of the plan year, the employer faces a renewal with an increase in premiums determined by the claims paid and premiums collected from that year.
In self-insured plans, employers pay two types of costs: fixed costs and expected claims. The fixed costs are the regular monthly fees that are necessary for management of the program and paid to the third-party administrator. These costs are based on plan enrollment and cover things like: claims administration, online portal access, pharmacy benefit management integration, and case and utilization management. The other part paid for this coverage is the expected claims. Employers pay claims as they occur up to the specific deductible at which point the stop loss coverage kicks in and reimburses the employer the cost of those claims in excess of an individual's specific deductible. At the end of the plan year, the employer keeps those budgeted for but unused funds and can allocate them for employee.
There is power in numbers. Captive solutions comprise a group of self-insured companies. Together, the group lowers costs and addresses risks while still maintaining control. Groups can be made up of businesses from the same or different industries, making this an appealing option for smaller organizations.
Frequently Asked Questions
What do I need to know as an employer?
Health insurance is expensive. You should have options. Our insurance advisor will work together with you to discuss your available options so that you can make a fully informed decision about what works best for your company and its employees.
Most companies offer short- or long-term disability options to their employees. That being said, either the employee or the company can fund it. Talk to an advisor about your options.
That depends. Self-insured plans, fully insured plans, and captive insurance are all great options. Schedule a consultation with an insurance advisor to learn the benefits of and differences between each type to make a determination.
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Other Types of Insurance
Your company works hard, so insurance should come easy. Let Conner Insurance work with you to develop your benefits program, commercial insurance, and other types of insurance coverage. Together we’ll create a comprehensive program that works for your business.
Serving Indiana and Beyond
Protect your employees, customers, and your business with Conner Insurance. We cover Carmel, Westfield, Fishers, Indianapolis, and Brownsburg, and the entire state of Indiana. Don't live in Indiana? We can write policies in all 50 U.S. states. In addition to benefits, we also offer commercial insurance, consulting, and personal insurance policies. Contact us at (317) 808-7711 to speak to an insurance advisor.