Self-Funded 101 with Spencer Smith

Description: 

On this episode, Lester sits down LIVE with Spencer Smith, host and creator of the Self-Funded with Spencer podcast, to discuss the value of self-funding and why all organizations should be taking steps to gain control of their employee health benefits. 

Together, they touch on topics such as the importance of data, having honest conversations about compliance, and myths associated with self-funding. Spencer also presents a handful of stories highlighting clients that reaped the benefits of this strategy.

Show Notes: 

Spencer starts off by introducing himself and his various professional endeavors (1:03). 

Lester asks Spencer to explain the value of self-funded insurance plans (3:40) and why employers and advisors tend to shy away from this strategy (6:50). 

Spencer lays out the perfect time for an employer to start thinking about self-funding (8:39) and myths associated with the practice (9:33). 

The two talk about the importance of data access, why employers aren’t using it today, and common use cases for data (11:00). 

Spencer also discusses the importance of compliance conversations (16:45) and the difference between big and small employers (19:20). 

He lays out a failure and success story from his time working with self-funded plans and companies (25:00). 

Lastly, Spencer leaves the audience with an actionable case study from one of his clients who implemented a self-funded employee benefits plan (33:00).