Companies in Oregon and Washington looking for employee benefit experts can look to Montgomery & Graham, Inc. to assist them with offering their employees quality insurance options without ignoring their bottom line.
Large and small firms can offer innovative options that included company wellness programs, health savings accounts, and self funding health care. These plans can be set up similar to the fully funded health care programs, the advantage is that the company has control and can customize the services that are offered. Costs savings are realized since self funding removes the middleman between necessary health care coverage for the company’s workforce. Also since the company is not required to pre-pay for their coverage, this improves cash flow.
In addition, protection is provided from stop loss insurance that the company purchases when self funding that covers unexpected claim expenses. Large corporate employers usually have financial reserves to handle any amount of health care expenses. With smaller companies that opt for self funded benefit plans they can utilize stop loss insurance to cover costs that go beyond a specific dollar amount. This insurance is commonly obtained by employers in order to avoid any disruption in the financial integrity of their self funded plan.
Self funded programs offer a way for a company to tailor their health care options to match their employee’s needs and offer cost savings. This is usually set up with the assistance of a third party administrator. Having this type of insurance program also helps to attract and retain quality employees. Having customized wellness programs that address your employees’ needs helps reduce absenteeism, cuts down on worker’s compensation and disability costs, boosts employee morale and even improves recruiting. If a company is seen as caring about their employee’s health and well being, it’s viewed as a good place to work.
These insurance programs are attractive to current and future employees because they have options through plan customization. It has been widely believed that large corporations were the only ones that could offer self funded insurance plans, but many smaller firms are now adopting this trend. These companies want to be able to compete in the large markets. Although they may need to make more cost conscious decisions when setting up their plans, they still follow the design of adhering to options that are needed by their employees without incurring excess expenses. As time passes and more companies, both large and small, opt for self funding insurance plans, this may become mainstream.
Having an administrator is an important part of setting up your self-funded plan. This third party company will help your firm select the best insurance plan, process claims for your employee benefits, contract for PPO services, collect premiums and take care of other operational responsibilities that come with managing your company’s healthcare program.
Montgomery and Graham can offer planning and administrative services for Oregon and Washington employers looking for better health care options. They have been successfully servicing the employee benefit needs of small, medium, and large sized business in the Northwest for over 20 years. Visit MG Benefits today to find out how you can master tomorrow.