Frank Pennachio, Practice Leader, Growth Solutions, wrote for BenefitsPRO about the misconceptions and risks of self-insurance.
Pennachio explains the pressures faced by health insurance brokers and benefits advisors, who must continually present rising health care costs to their clients. According to the 2022 Kaiser Family Foundation Employer Health Benefits Survey, premiums for single and family coverage have increased significantly over the past decade, placing a heavy burden on employers.
In response to these rising costs, many industry players are promoting self-insurance as a cost-saving strategy for employers. While self-insurance can be beneficial for the right employer, Pennachio warns of the dangers posed by misleading claims and the risks employers and employees may face if they are not fully informed..
This is a summary of an article originally published by BenefitsPRO.
