As an employer, deciding to go through with self-funded health care plans can be daunting, but it doesn’t have to be. While the risk is high, so are the benefits – that’s why we are dedicated to helping you navigate the world of self-insurance.
The Benefits of Self-Insurance
Self-insurance is a risk management method where a company sets aside an amount of money to cover potential future claims. This method replaces traditional insurance but comes with a risk, as the company takes on the financial responsibility themselves.
However, self-insurance isn’t high risk for nothing. There are plenty of benefits that come with self-funded health plans.
- Cost Savings: Insurance premiums are expensive, but with self-insurance, there are no monthly premiums to pay. Companies that utilize a self-funded health plan are able to control their cash flow more effectively by deciding where their funds go when covering claims.
- Customizable Coverage: With a self-funded health plan, companies have the flexibility to tailor their coverage to their specific needs, rather than fitting in a box designated by traditional insurance plans and policies.
- Effective Risk Management: Since self-insurance is a risk management method, companies tend to implement greater risk management and loss prevention strategies, which lead to fewer and less severe claims being filed.
Where Blackhawk Steps In
What some don’t realize is how much administrative and management work goes into processing and handling insurance claims. Insurance carriers normally take care of this, but with a self-funded health plan, the responsibility falls back on the company.
That’s where we step in – as a Third-Party Administrator (TPA), Blackhawk fulfills the role of the administrator in self-funded health plans by overseeing various management tasks in the claims process.
- Processing Claims: The claims process can be incredibly time-consuming and complex, but our dedicated case management team will help during every step of the process, ranging from receiving and reviewing claims to calculating the correct amount to be paid out.
- Cost Management: We are dedicated to keeping costs low for your company. We make sure that all payments made are fair and consistent with the standard market rates. We consistently run audits and reports to ensure only legitimate claims are paid out, as well as analytics to provide employees with information to help them better make cost-efficient decisions.
- Customer Service: Self-funded health plans can be overwhelming, but our customer service team is here to help support you and your employees whenever a concern arises. Whether it is understanding the claims process or resolving issues, we are here to ensure that everyone is empowered to make confident, informed decisions regarding their health care.
At Blackhawk, we stay connected with you through every step of the process. We value transparency, efficiency and building personal relationships with our clients. You will understand what is happening and why, allowing you to navigate your self-funded health plan with confidence.
Ready to Master Your Self-Funded Health Plan?
Start exploring the benefits of self-funded health plans now with Blackhawk Claims Service and change how your company approaches health care for the better.