Trustmark
- Thread starter ebayn001
- Start date
- Thread starter
- #3
Is the individual underwriting usually a deal breaker?
It depends. You should always obtain fully-insured quotes along with self-funded quotes, to compare them to each other. This should tell you if the self-funded quote is a deal breaker. And keep in mind, in a self-funded plan such as Trustmark, the employer needs to understand they are becoming the carrier. They should want to know as much about the risk as possible.
Not everyone can sell a self funded plan. Completely different animal vs fully insured.
Years ago when carriers offered "trick" cash flow products like minimum premium, some agents didn't understand them well enough to make a sale.
You also need to understand that SF is best for businesses that are profitable and have good cash flow.
Years ago when carriers offered "trick" cash flow products like minimum premium, some agents didn't understand them well enough to make a sale.
You also need to understand that SF is best for businesses that are profitable and have good cash flow.
I understand your frustration, when first introduced to self-funding I was confused and frustrated, but quickly found it to be simple to understand. It may be worthwhile for you to add it to your portfolio.
You mentioned that you rely on the tried and true companies such as the blues or Humana, which I took to mean fully-insured. Keep in mind, the number of employees covered in a self-funded plan keeps growing and is now at 60%. Your “tried and true” options are quickly losing out to self-funding.
