Just set a huge meeting

Sep 19, 2018

  1. sbg_ben
    Offline

    sbg_ben Expert

    Posts:
    68
    Likes Received:
    8
    State:
    Michigan
    Thanks for the advice. I have a lot to learn in the self funded space. I am quoting a level funded plan for one of my current groups right now so hopefully that goes well and I can start my first self funded case
     
    sbg_ben, Oct 5, 2018
    #31
  2. sbg_ben
    Offline

    sbg_ben Expert

    Posts:
    68
    Likes Received:
    8
    State:
    Michigan
    Thanks for the wise words. I will definitely bring a representative from the carrier or TPA if I plan on selling any fully self funded plans to a larger group. I think by quoting level funded plans for all of my current clients that can meet the participation rate I will get a good feel for it and start to learn by doing.
     
    sbg_ben, Oct 5, 2018
    #32
  3. myinsurebiz
    Offline

    myinsurebiz Guru

    Posts:
    4,075
    Likes Received:
    398
    State:
    Hawaii
    Self funded is a large, untamed beast . . . Medical Carrier, RX, TPA, etc - lot's of moving parts.

    Rates are a little higher - but, for now, I'm only going to mess with Level Funded plans.
     
  4. leevena
    Offline

    leevena Guru

    Posts:
    1,196
    Likes Received:
    103
    I do not necessarily agree with your full statement. To say self-funded is a large, untamed beast is a bit of hyperbole. Once you become familiar with the moving parts, the market, it’s concepts, and the strategies, your anxiety will subside. Yes level-funded is easier, but it is designed for groups that are not true candidates for self-funding. Do not know what you mean by rates are a little higher, sorry.

    I am sure as you go forward you will become more comfortable with self-funding and find much success.
     
    Last edited: Oct 8, 2018
    leevena, Oct 8, 2018
    #34
  5. myinsurebiz
    Offline

    myinsurebiz Guru

    Posts:
    4,075
    Likes Received:
    398
    State:
    Hawaii
    You're right . . . I've so much to learn.

    At the moment - my Partner is handling everything - I just have to get the info.

    Don't really want to mess with MM - but, may have to to get the other business.

    I meant the monthly contributions ( rate per employee ) are more on the level vs self . . .
     
  6. leevena
    Offline

    leevena Guru

    Posts:
    1,196
    Likes Received:
    103
    As a general assumption, the cost of a level-funded plan should be more expensive than a traditional self-insured option. Not always, but most times.
     
    leevena, Oct 9, 2018
    #36
Loading...
Similar Threads
  1. DancinMan63
    Replies:
    2
    Views:
    816
  2. Prouddad
    Replies:
    27
    Views:
    2,473
  3. ABC
    Replies:
    13
    Views:
    2,222
  4. ABC
    Replies:
    10
    Views:
    2,173
    ABC
  5. ABC
    Replies:
    0
    Views:
    1,292
    ABC