The idea behind this website is to give people an informational resource that provides a better look at how the self-funding concept works and what has made it so successful.
Appleton, WI (PRWEB) March 01, 2016
As the interest in self-funding continues to intensify, a network of third party administrators (TPAs) has collaborated to launch a new website that educates the public about the fundamentals of this health plan model. The Self-Funding Success website also shares the real-life successes employers are achieving with these plans.
“The idea behind this website is to give people an informational resource that provides a better look at how the self-funding concept works and what has made it so successful,” said Tom Doney, a Self-Funding Success contributor and TPA with Cypress Benefit Administrators. “Now that an estimated 63% of U.S. employees with coverage are enrolled in this type of plan, the site comes at a time when TPAs are fielding more and more inquiries about the move to self-funding.”
On the site, visitors will find a full “Self-Funding 101” section that includes introductory articles about self-funded plans, TPAs and stop loss insurance, as well as content related to why self-funding is a good choice, including opportunities for savings, benefits customization and employee retention.
As Caroline Fraker, a TPA contributor from MedBen explained, “In outlining the website, we realized that many visitors may be new to the self-funding structure, so it was important to put together a helpful collection of basic background materials.”
The site’s main emphasis is a series of success story examples that illustrate how self-funded plans are working for employers, plan sponsors and employees. They are submitted by TPA contributors like Fraker and Doney who work with self-funded employers every day, with the plan to add new stories on a regular basis.
“These success stories are the foundation of the site,” said Kevin Schlotman, a TPA contributor with Benovation. “They give people an inside look at how employers are implementing the self-funded model within their own workplaces and the real results they are achieving.” He continued, “For example, some detail the actual savings a particular program like claims review has had, while others give examples of how employee involvement has led to better overall cost control.”
Visitors can also learn more about self-funding by using the website’s “Find a TPA” feature to connect with a third party administrator in their state.
“With so many companies making the switch to self-funding today, there’s no doubt that this site will serve its purpose in being an educational resource,” said Jay Kempton, a TPA contributor with The Kempton Group. “Our hope is to shed some light on the many different ways self-funded plans can provide value and benefit a business for years to come.”
Self-Funding Success is an initiative designed to educate the public about how self-funded health plans work and the ways employers are having success with them. It is organized by a group of third party administrators (TPAs) across the U.S. For more information, visit http://www.selffundingsuccess.com/.