Providing workers with the proper benefits involves tying together a lot of factors and variables. For example, a health insurance plan isn't just about finding the right services a carrier is willing to cover. It can also require careful study of the size of a company and how able it is to leverage its size and liability on behalf of its staff. Consequently, employee benefit specialists are helpful sources of experience and expertise when selecting the right carriers and individual plans.
However, it isn't always possible to come away with a benefit package that is 100 perfect for everyone involved. Workers might feel as if their premiums remain far too high, employers might observe their contributions aren't in line with company needs and insurance carriers could possibly be unwilling to give adequate coverage based on the parameters clients working with employee benefit consultants have established.
As such, different patterns and processes occasionally need to be embraced so businesses can fairly compensate their personnel. According to the North Bay Business Journal, a trend that's increasing in popularity is self funding insurance. Instead of dealing with a third party who's size and leverage make low premiums and significant coverage possible, the company basically becomes the insurance carrier itself.
This isn't always an option for new or small businesses because the risks involved with that kind of liability might not be worth the benefits. However, there are some specific sorts of organizations that would do rather well to engage in this practice. Specifically, businesses that largely employee young and healthy workers who don't prioritize health insurance and would enjoy paying lower premiums and high deductibles might be ideal. This is especially true when partial self-funding, or self-funding for only a select few conditions, treatments and procedures are available. Speak to an employee benefit advisor to find out how feasible this kind of practice actually is for particular companies.
