When asked why self-funding works so well for them, our clients frequently mention elements of savings, flexibility and employee engagement.
Appleton, WI (PRWEB) December 13, 2016
As the number of companies moving to self-funded employee benefit programs continues to grow, more and more employers are inquiring about how this plan structure works and who it makes sense for. Cypress Benefit Administrators has published a new whitepaper on its website to serve as an informational resource.
“The Top 3 Advantages of Self-Funded Plans” features perspectives from the Midwest-based third party administrator (TPA) based on the firm’s 16 years of experience in managing health plans for businesses across the United States. The whitepaper shares insights into why self-funding is becoming the preferred type of health plan among U.S. employers – as indicated by estimates that more than 70% of employees with coverage are now enrolled in self-funded plans.
Broken down into three main categories, the whitepaper goes into detail about plan flexibility, plan savings and employee engagement.
“The first question we usually get when an employer prospect reaches out is something to the effect of, ‘How could my company benefit from self-funding?’” said Tom Doney, president and CEO of Cypress. “This resource was developed as a way to address that question by explaining the top three advantages with both the employer and employee in mind.”
In developing the full whitepaper, the Cypress team considered other questions that commonly come up when employers inquire about self-funding. The TPA outlines topics related to:
- The self-funded structure as compared to a traditional, fully insured plan
- Customizing benefit plans by workforce
- Thorough health claim reviews to maximize savings
- Cost control solutions in self-funding
- Employee advocacy and wellness
“When asked why self-funding works so well for them, our clients frequently mention elements of savings, flexibility and employee engagement,” Doney said. “We focused on these experiences in the whitepaper with a goal of educating people who want to learn more about the self-funded concept.”
About Cypress Benefit Administrators
A privately held company headquartered in Appleton, Wis., Cypress Benefit Administrators has been pioneering the way toward cost containment in self-funded health benefits since 2000. The third party administrator (TPA) is the country’s first to bring claims administration, consumer driven health plans and proven cost control measures together into one package for companies ranging from 50 employees to thousands of employees. It serves employer-clients across the U.S. with additional locations in Portland and Salem, Ore., Omaha, Neb. and Denver, Col. For more information on Cypress and its customized employee benefits, visit http://www.cypressbenefit.com.