Self-Funded Benefit Plans
As health care costs continue to rise, many employers have turned to self-funding as a way to gain control over the cost and administration of their medical plans. This can be a valuable strategy since employers who choose to self-fund their medical coverage can:
- Select the best-in-class vendors for claims payment, provider networks, stop loss insurance and wellness programs.
- Receive detailed, up-to-date claims and expense reporting.
- Gain more control over benefit plan design.
- Enjoy the flexibility of various plan funding models.
- Avoid some of the costly administrative expenses of fully insured plans.
DMA has been helping employers and groups implement these programs for many years and has developed the expertise and analytical skills and tools needed to successfully manage these plans. As part of our standard services, we provide:
- Request for proposals (RFPs).
- Proposal evaluation, grading and selection of finalists.
- Finalist interviews.
- Reference interviews.
- Monthly financial reporting.
- Annual renewal negotiation.
- Plan design and contribution modeling.
- Renewal pricing and budget setting.
Whether you’re well-versed in self-funding or are new to the concept, DMA will work with you to ensure that self-funding is right for your organization, your plans are properly implemented and you have a sound strategy to anticipate and control your costs in years to come.