FREQUENTLY ASKED QUESTIONS
Helping you make the right decisions
Our take on benefits automation, wellness, compliance, cost containment, employee communications, engagement, and so much more.
WHAT IS SELF-FUNDED INSURANCE
SELF FUNDED INSURANCE IS A PLAN IN WHICH THE EMPLOYER ASSUMES DIRECT RESPONSIBILITY FOR FINANCING HEALTHCARE CLAIMS. THIS TENDS TO LOWER EXPENSES AND IMPROVE CASH FLOW SINCE THE EMPLOYER ONLY PAYS FOR THE HEALTHCARE, THEIR PARTICIPANTS USE A THIRD PARTY ADMINISTRATOR OR TPA IS CONTRACTED FOR CLAIMS PAYMENT AND CUSTOMER SERVICE.
WITH A SELF FUNDED PLAN, EMPLOYERS GAIN GREATER CONTROL OVER PLAN DESIGN. SELF FUNDING ALLOWS EMPLOYERS, IN CONSULTATION WITH THEIR BROKER, THE FLEXIBILITY TO CHOOSE THE RIGHT BENEFITS TO ADDRESS THE NEEDS OF THE PLAN AND ITS PARTICIPANTS.
WHO CAN SELF-FUND
WITH A TRADITIONAL SELF FUNDED PLAN, EMPLOYERS OF ALL SIZES GAIN THE FLEXIBILITY TO CUSTOMIZE AND ADJUST BENEFITS PLANS AS ORGANIZATIONAL NEEDS CHANGE. THIS, IN TURN, IMPROVES CASH FLOW AND OVERALL EASE OF ADMINISTRATION BY CENTRALIZING SERVICES THROUGH A TPA AND ONLY PAYING FOR ACTUAL CLAIMS, NOT PROJECTED COSTS.
DOES SELF-FUNDED HAVE A NETWORK
SELF FUNDED PLANS CAN BE DESIGNED TO MIMIC YOUR CURRENT PLAN, NETWORKS, DEDUCTIBLES AND COPAYS AS YOUR EMPLOYEES ARE USED TO.
WHAT IS REFERENCED BASED PRICING
REFERENCE BASED PRICING IS A HIGHLY EFFECTIVE COST CONTAINMENT STRATEGY FOR ESTABLISHING
REIMBURSEMENT RATES FOR MEDICAL SERVICES. REFERENCE BASED PRICING ESTABLISHES A MAXIMUM AMOUNT THAT AN EMPLOYER PLAN SPONSOR WILL PAY FOR SPECIFIC MEDICAL OR PRESCRIPTION SERVICES.
CAN ANY COMPANY PARTICIPATE
ANY COMPANY CAN PARTICIPATE. MIMIC YOUR CURRENT PLAN OR USE THE REFERENCE BASED PRICING MODEL TO MINIMIZE MEDICAL COSTS WHILE KEEPING YOUR EMPLOYEES HAPPY WITH THE SERVICE THEY ARE RECEIVING.
WHY WORK WITH IMPART
BUSINESS, LIKE LIFE, IS A JOURNEY. EVERY DAY YOUR BUSINESS FACES DECISIONS OF VITAL IMPORTANCE. DECISIONS ABOUT HOW TO ADD VALUE AND POSITION YOUR ORGANIZATION FOR SUCCESS, HOW TO INVEST IN YOUR PEOPLE AND THE WELLBEING OF YOUR ORGANIZATION, AND HOW TO SECURE WHAT MATTERS IN A FAST-CHANGING WORLD.
AT IMPART, WE BELIEVE THAT PROVIDING INSURANCE, RISK MANAGEMENT, AND BUSINESS CONSULTING SERVICES MEANS BEING THERE TO SEE YOU THROUGH EVERY CHALLENGE, EVERY DECISION, EVERY STEP OF THE WAY. GUIDING YOU THROUGH THE CHALLENGES THAT CAN PUT YOUR ORGANIZATION AT RISK AND THREATEN ITS WELLBEING. WE ARE YOUR PARTNER ALONG THE WAY. LET'S TALK ABOUT WHERE YOUR JOURNEY IS LEADING. LET’S START WITH A CONVERSATION.
