Self-Funded Plans
ONE thing all Self-funded plan sponsors should know TODAY?
With the amount of new information business owners and HR Teams are processing these days, what is the ONE thing all self-funded plan sponsors should know TODAY?
Does the Plan have a Maximum Claims Liability?
The coronavirus testing and treatment of COVID-19 could create utilization that self-funded plans have never seen before. The impact of more people needing to be treated in the hospital, including ICU care, will send higher than normal claim funding responsibilities to employer health plans.
It’s never been more important for self-funded plan sponsors to understand the terms of their specific and aggregate insurance policies. This is true for any self-funded plan services arrangement.
· Do you have access to any advanced funding features for claims filed to the specific and aggregate policies?
· Do you have a monthly accommodation feature for your annual claim exposure?
· What is the definition of a Paid claim?
TAKE ACTION! Update your self-funded plan document language to describe the coverage for coronavirus testing and COVID-19 treatment.
