NYinsurance417
Expert
- 69
All these carriers offer self funding in the NJ market. Has anyone used them for these policies? What has your experience been with them?
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All these carriers offer self funding in the NJ market. Has anyone used them for these policies? What has your experience been with them?
I have used all of them on fully insured basis. Cigna is the only one I have use on true self funded plans. I know the other two have level funded self funded plans they are offering. I have quoted assurant a few time I don't think anything will get through underwriting.
I am a consulting actuary and have worked with the CIGNA and Starmark level funding programs (CIGNA calls it shared returns). My only suggestion is to be careful. They might "make self funding easier" but they also can be priced very poorly without it being apparent unless a good analysis of the costs is done.
You are correct. I have built into our analysis a formula that takes into account the pricing issue. I show it in both the actual amounts being charged and in the refund section.