Why Self-Funding

Introduction

Partial self-funding provides employers with an alternative way to combat the negative impact of rising costs, saving employers the difficult decision of stripping benefits from their valued employees.

Lower Fixed Costs

A partial self-funded plan allows the employer to pay much smaller premium that a traditional fully insured plan. In a fully insured plan the employer pays the set premium to the insurance company and if they have fewer claims than premium paid the insurance company keeps the profit. With a partial self funded plan, the employer pays a substantially smaller premium and funds the claim costs. If the claims do not materialize, the employer is able to retain the savings.

Cost Containment

The goal of cost containment is to provide the lowest claim costs by scrutinizing every claim.

Institutionally, BMI will audit 100% of all facility bills over $5,000 while also running standard duplicate tests.

On the rare out-of network claims, BMI will utilize their personal relationships with facilities across the United States to directly negotiate discounts.

Plan Flexibility

Tired of being trapped in a one-size-fits-all plan offered by an insurance company? With a self funded plan, the employer has complete autonomy to determine the benefits to offer to their employees.

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Comprehensive Reporting

The days are over to trying to sift through confusing fully insured carrier reports that do not tell the whole story. With a partial self funded plan through BMI an employer will be given as many reports as needed to gain a complete understanding of their group. Find out Where Your Claim Dollars are being spent.