Frequently Asked Questions

What types of businesses can self-fund?

  • Self-funding is successfully utilized in businesses, unions, municipalities, educational institutes/districts, municipalities, and other organizations.

 

Which health benefits can be self-funded?

  • Medical
  • Prescriptions
  • Vision
  • Dental
  • Various ancillary lines as well

 

As an employer, am I responsible for all of the claims?

  • To protect your financial health, a Stop-Loss insurance policy is purchased to cap catastrophic claims.

 

How is the self-funded plan administered?

  • Employers who self insure can administer the claims in-house, or contract with a Third Party Administrator (TPA) to process claims.

 

Is Self-funding regulated?

  • Self-insured health plans fall under all federal laws, including the Employee Retirement Income Security Act (ERISA), Health Insurance Portability and Accountability Act (HIPAA), American with Disabilities Act (ADA), the Civil Rights Act, and the Consolidated Omnibus Budget Reconciliation Act (COBRA) to name a few.

MAGIC Health Insurance Solutions

14-B E. Cherry  Street

PO Box 1130

Sunbury, OH

43074

(844) 800-MAGIC

(740) 965-3560

What types of businesses can self-fund?

  • Self-funding is successfully utilized in businesses, unions, municipalities, educational institutes/districts, municipalities, and other organizations.

 

Which health benefits can be self-funded?

  • Medical
  • Prescriptions
  • Vision
  • Dental
  • Various ancillary lines as well

 

As an employer, am I responsible for all of the claims?

  • To protect your financial health, a Stop-Loss insurance policy is purchased to cap catastrophic claims.

 

How is the self-funded plan administered?

  • Employers who self insure can administer the claims in-house, or contract with a Third Party Administrator (TPA) to process claims.

 

Is Self-funding regulated?

  • Self-insured health plans fall under all federal laws, including the Employee Retirement Income Security Act (ERISA), Health Insurance Portability and Accountability Act (HIPAA), American with Disabilities Act (ADA), the Civil Rights Act, and the Consolidated Omnibus Budget Reconciliation Act (COBRA) to name a few.

14-B E. Cherry  Street

PO Box 1130

Sunbury, OH

43074

(844) 800-MAGIC

(740) 965-3560

Frequently Asked Questions

What types of businesses can self-fund?

  • Self-funding is successfully utilized in businesses, unions, municipalities, educational institutes/districts, municipalities, and other organizations.

 

Which health benefits can be self-funded?

  • Medical
  • Prescriptions
  • Vision
  • Dental
  • Various ancillary lines as well

 

As an employer, am I responsible for all of the claims?

  • To protect your financial health, a Stop-Loss insurance policy is purchased to cap catastrophic claims.

 

How is the self-funded plan administered?

  • Employers who self insure can administer the claims in-house, or contract with a Third Party Administrator (TPA) to process claims.

 

Is Self-funding regulated?

  • Self-insured health plans fall under all federal laws, including the Employee Retirement Income Security Act (ERISA), Health Insurance Portability and Accountability Act (HIPAA), American with Disabilities Act (ADA), the Civil Rights Act, and the Consolidated Omnibus Budget Reconciliation Act (COBRA) to name a few.

Find out how Metro Area Group Insurance Consultants can impact your health care benefits bottom-line through cost-savings and expense management.

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Employee Benefit Services

MAGIC Health Insurance Solutions

14-B E. Cherry  Street

PO Box 1130

Sunbury, OH 43074

(844) 800-MAGIC

(740) 965-3560