For small churches like this one, every dollar counts. Between community outreach, building maintenance, and supporting their staff, church leaders face tough decisions about how to allocate limited resources.
Providing health insurance for their dedicated staff is a top priority, but the high cost of traditional plans can be a major obstacle. What if there was a way to offer quality health coverage without breaking the bank?
There is! It's called a self-funded health plan with stop-loss protection, and it could be the perfect solution for your church.
Here's how it works. With a self-funded plan, your church takes on the responsibility of paying for your employees' healthcare costs directly. This means lower monthly payments compared to traditional insurance premiums. Plus, you have the flexibility to customize the plan to fit your staff's specific needs.
Now, you might be thinking, "What if someone gets really sick and the medical bills skyrocket?" That's where stop-loss insurance comes in. It acts as a safety net, protecting your church from catastrophic financial risk. Once medical expenses for an individual reach a certain limit, the stop-loss insurance kicks in, covering the remaining costs.
Let's say one of your staff members needs an unexpected surgery that costs $35,000. With a self-funded plan and a stop-loss limit of $20,000, your church would only be responsible for the initial $20,000. The stop-loss insurance would then step in and cover the remaining $15,000. This way, you get the peace of mind of traditional insurance for major claims, without the high monthly premiums.
Self-funded plans can be a win-win for churches and their employees. Churches save money on premiums and gain control over their healthcare spending, while employees receive the coverage they need.
Before you can implement a self-funded plan, you'll need to go through an underwriting process. This helps determine the terms and cost of the plan based on factors like the size of your church and the health history of your employees. It's important to note that self-funded plans may not be the right fit for every church. You'll want to consider factors like pre-existing conditions within your staff and the potential for non-renewal by the insurance company.
If you're ready to explore a health plan that puts you in control and protects your church's finances, contact Insurance For Texans today. Our team of experts can guide you through the process and help you find the perfect self-funded solution for your church.