How Self-Funding Saved a District $1 Million
We understand it’s more important than ever to seek innovative ways to save dollars. That’s why when we noticed that one of our participating districts could save money by restructuring the administration of their health benefits, we quickly helped them transition to a self-funded benefits plan.
SET SEG helps districts determine whether they’re paying more in premiums than the current carrier is paying in claims by calculating their Medical Loss Ratio. When this district’s assessment showed they were spending too much, SET SEG switched them to a self-funded plan, then worked with partners to negotiate claims and cut prescription spending throughout the year, ultimately saving the district around $1 million within the first 12 months.
For more information on self-funding, or to explore options available to your district, contact your SET SEG Employee Benefits Executive.