In a conventional health insurance benefit program, you pay for your insurance protection up front. These plans must comply with strict mandates which result in less flexibility for you.
Self-funding, however, allows you to pay the cost of your claims as they are incurred and submitted.
You purchase only the benefits that are necessary
and right for your workforce.
You have full use of the dollars budgeted for your benefit program. Since payments are made only when claims are actually paid, interest accrues to you rather than an insurance company.
ELMCO Administrative costs are also lower than with a conventional plan that bases its fees on a percentage of paid claims. As medical costs increase, insurers increase their fees, even if no services have been provided. Third party administrators bill on a flat fee per month, per employee. With ELMCO, your administrative fees are fixed for the contracted period.
If your company employs 75 or more people, …ELMCO may be the answer to your health benefit requirements!