{"id":184,"date":"2019-07-30T13:38:07","date_gmt":"2019-07-30T13:38:07","guid":{"rendered":"https:\/\/www.erisaexperience.com\/blog\/?p=184"},"modified":"2019-07-30T21:04:29","modified_gmt":"2019-07-30T21:04:29","slug":"self-funded-plans-vs-insured-plans-what-is-the-difference","status":"publish","type":"post","link":"https:\/\/www.erisaexperience.com\/blog\/self-funded-plans-vs-insured-plans-what-is-the-difference\/","title":{"rendered":"Self-Funded Plans vs. Insured Plans: What is the Difference?"},"content":{"rendered":"

If a person is covered by an ERISA governed employee benefit plan through a private employer, chances are that the plan is either self-funded or insured.\u00a0 What is the difference?<\/p>\n

A self-funded plan means that the benefit plan is funded by an individual\u2019s employer.\u00a0 In other words, benefits are paid through a plan which is funded by employer contributions.\u00a0 By way of example, if an individual works for ABC Corporation and ABC Corporation self-funds its plans, then any benefit claim payments will issued with funds that come directly from ABC Corporation.<\/p>\n

Conversely, an insured plan is an employee benefit plan that is sponsored by an employer, but benefits are paid by an insurance company.\u00a0 Using the above example, if ABC Corporation sponsors a long-term disability plan for its employees, it will contract with XYZ Insurance Company to provide and pay benefits.\u00a0 Consequently, any benefit claim payments will be paid by XYZ Insurance Company.<\/p>\n

For all intents and purposes, there is not a lot of difference between a self-funded plan and an insured plan.\u00a0 Legally, however, self-funded plans can be a bit harder to deal with when it comes to denied claims and lawsuits.<\/p>\n

If you have a denied benefit claim (health insurance, life insurance, short term disability, or long term disability<\/a><\/strong>), please do not hesitate to contact<\/a><\/strong> me at 864-242-6200 or email<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

If a person is covered by an ERISA governed employee benefit plan through a private employer, chances are that the plan is either self-funded or insured.\u00a0 What is the difference? A self-funded plan means that the benefit plan is funded by an individual\u2019s employer.\u00a0 In other words, benefits are paid through a plan which is … <\/p>\n

Continue reading “Self-Funded Plans vs. Insured Plans: What is the Difference?”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[34,9,7,3,2,4,13,19,38,24],"class_list":["post-184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-erisa-experience","tag-denied-disability-claim","tag-disability-benefits","tag-erisa","tag-erisa-attorney","tag-erisa-law","tag-foster-law-firm","tag-long-term-disability-lawyer","tag-m-leila-louzri","tag-self-funded-plans-sc","tag-short-term-disability-attorney-south-carolina"],"yoast_head":"\nSelf-Funded Plans vs. Insured Plans: What is the Difference? | Erisa Experience<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.erisaexperience.com\/blog\/self-funded-plans-vs-insured-plans-what-is-the-difference\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self-Funded Plans vs. Insured Plans: What is the Difference? | Erisa Experience\" \/>\n<meta property=\"og:description\" content=\"If a person is covered by an ERISA governed employee benefit plan through a private employer, chances are that the plan is either self-funded or insured.\u00a0 What is the difference? 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