Group insurance in private management (semi-self-insured)

Group Insurance in Private Management, often referred to as Semi-Self-Insured Group Insurance, is a customized healthcare benefits plan designed for employers to provide medical coverage to their employees and their families. In this arrangement, the employer takes on a portion of the financial risk for the insurance plan while partnering with a private management company. The employer contributes funds to cover routine medical expenses and can set aside reserves to manage claims costs. A private management company administers the plan, processes claims, and provides access to healthcare networks and services. This approach allows employers to have more control over healthcare costs while offering comprehensive coverage to their employees, fostering a balance between self-insurance and traditional group insurance.