Tips and techniques such as partially self-insuring for international businesses and non-profit agencies with staff living overseas looking to save money
Get this 24pg. Special Report for free! – Designed for international groups with 5 to 500 staff
From Good Neighbor Insurance.
Find out why self-funded health insurance is being used by more and more businesses to save money. We wrote this exclusive content to help groups who are looking at ways to save on overseas health benefits including self-funded health insurance and partially self-insuring, since there is little information written on self-funding for non-profits or self-funding international workers health benefits. It was written for groups with some knowledge of insurance, underwriting and how insurance carriers work, but should be accessible, and helpful, to all.
Featuring real stories from the field – Their experiences, advice and problems.
The smallest group this information has helped, saved $18,000. annually. Another group with 380 people saved $400,000+ and now has over $150,000 reserves in the bank even though they had a bad year! But there are special considerations you must know if you have staff overseas or operate internationally.
We guarantee that you will save money by either following these steps yourself, or by calling Good Neighbor and letting us help you with either your plan design or by looking for ways to save on your current, fully-funded plan. If you would like a printed copy, please indicate that on the form and give us an address to mail it to.
Excerpts from our Self-Funded Report:
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On the importance of plan design:
“A good plan design is a simple plan design. Complicated = Waste Confusing = Additional costs Contestable = Lack of confidence”
On recent healthcare trends:
“Self-funding health insurance is exploding as businesses seek to control costs due to the spiraling costs of healthcare. “mHealth” is another exploding field (mobile health devices and apps, to remotely monitor health and transfer medical information, as well as communicate)” (2014-2018 Healthcare Trends to Watch.” from the Report)
On Partial Self-funding:
“Is it the perfect option? It is for those looking to: Build cash reserves; “freeze” health insurance renewal rates; while keeping the organization (and staff), safe from risk.” If you are seeking growing reserves, controlled renewal rates, and a option that is still a fully-insured product….you may be calling it the best of both worlds (between traditional group health insurance and self-funding your health plan).”
On reinsurance and “lasering”:
“Let’s say a non-profit decides to self-fund their insurance and is paying its overseas staff’s claims, then gets hit by a serious case of stage 3 cancer. The employer has reinsurance (stop-loss), so once the worker’s medical bills exceed $50,000, the group is reimbursed by their stop-loss policy. But at renewal the next year the reinsurer demands the employer agree that this particular worker now have a specific policy stop loss of $300,000 (before they will pay) instead of $50,000 for the next policy period, or be excluded from the policy altogether. This is also known as the “million-dollar baby.”
The Wall Street Journal has written about the topic of lasering at http://online.wsj.com/news/articles/SB106486463561894000
We also have more on this subject at www.Selffundedhealthinsurance.com.
Here’s another simple way we save you time and money upfront:
Good Neighbor has created one easy, universal form + census that you download and send in to us.
We then go to work on a free actionable analysis on self-funding, partially self-insuring and which traditional carriers might be best, and not only send you back a quote, but actually send you a detailed, actionable analysis of ways you could save. This allows an organization like yours, to easily compare exact benefits and costs from one plan to another. It also gives us specific starting points to discuss ways we can further trim those quotes and adjust them for maximum effect.
“Yes, this type of analysis takes specific tools and expertise on our end, as well as great working relationships with the carriers’ underwriters. Good Neighbor Insurance excels at providing this service for each of our group clients.”
Note: This special report on self-funding international group health insurance is for employers. If you are an individual looking to save money on your annual premiums, we can help. However, this report has information that is only applicable to groups with two to 2,000 employees overseas and will not suit individual policy holders.
For more on this topic, see https://www.gninsurance.com/group/considering-self-funding-group-health-insurance/ and our website http://www.selffundedhealthinsurance.com.