Self-Insurance Expert (SIE) exists to help consultants promote the need for employers to become engaged and optimize medical cost management. We enable companies to take advantage of the latest in cost-cutting tools, resources, and expertise. Self-funding is not a panacea and it is not right for every firm, but it does allow employers to maximize the value of those latest tools and resources. For health plans that are already self-funded, it will work to optimize the cost saving opportunities of the plans, even while helping to improve employee engagement and satisfaction with the plan.
SIE also acts as a General Agent for special programs and products for health plans, ASO providers, and TPAs. These resources can be used to reduce the cost of claims and/or improve the plan for covered members, employers, and broker|consultants.
Unlike many employee benefits consulting firms that will only work with an employer plan if they are the sole consulting firm involved, SIE welcomes a collaboration with consulting firms or brokers who wish to take the lead on an employer’s health plan but who need the resources and expertise of SIE as a back office resource—(some limits may apply).Its founder, Keith McNeil, CLU, CEBS, GBDS, CPBS is a member of the Self Insurance Institute of America (SIIA). Also SIE offers special important programs to the consulting community.
In a world of Big Data, it is clear that proper data analysis can lead to important results. That means seeking those “ticking time bombs” who are tomorrow’s large claims if not caught early. In addition, employers need to have the data on how the plan is running today as well as a “stress test” to know the range of possible outcomes in the future. We believe that employers and plan sponsors need this level of analysis.
One of the critical components of a partially self-funded plan is the proper selection of stop-loss coverage. That does not mean just offering stop-loss quotes through a managing general underwriter (MGU) or third party administrator (TPA). Traditional stop-loss policies need to be compared to special pools, captive programs, with a complete analysis and explanation of contract alternatives (e.g., gapless 12/15 plans versus paid contracts, with or without the Terminal Liability Option). SIE is able to offer a special Gibraltar plan option (see www.gibraltarstoplossplan.com) that guarantees No New Laser on renewal with a 20% or 30% rate cap depending on plan specifics, with Monte Carlo simulations run where appropriate.