Delta Dental of Colorado Introduces Self-Funded Plans for Small Businesses
• State’s largest dental insurer responds to demand for new small group options
• Small businesses consider self-insured plans common among large companies
• Benefits include cost savings, flexible design and data-driven decisions
DENVER (July 8, 2015) – Delta Dental of Colorado today introduced new self-funded dental plans for businesses with more than 50 employees, responding to demand for more plan variety for small groups.
“Small businesses in Colorado now have access to the same tools most large companies use to control costs and tailor benefits to their needs,” said Mark Thompson, director of sales and client services for Delta Dental of Colorado. “Business owners and brokers have been asking for a self-funded option, and we’re excited to deliver.”
Benefits of a self-funded plan include:
• Control costs: Employers pay only for the care their employees use. Self-insured plans also are exempt from certain federal and state taxes and fees.
• Flexible plan designs: Employers have flexibility to design benefits that meet the specific needs of their employees.
• Reap the benefits of wellness programs: Employers that invest in wellness programs directly benefit from lower claims costs.
• Data-driven decisions: Employers have access to claims data that can help identify opportunities to improve workforce health and to understand and manage cost drivers.
“For Colorado small businesses seeking to manage healthcare costs while maximizing flexibility, self-funding is an excellent option to consider,” said Terry Reams, employee benefits market leader for Colorado and New Mexico with brokerage HUB International. “To do this with the state’s most trusted and experienced dental provider brings an added level of confidence to the process.”
Companies considering self-funded medical plans may opt to “test the waters” with a self-funded dental plan first because of the relatively low costs of dental claims compared to medical claims, Reams said.
Self-funded plans are the most common plan type for large companies in Colorado and across the U.S. More than 80 percent of covered workers at companies with more than 200 employees are enrolled in medical plans that are partially or completely self-funded, according to a 2014 Kaiser Family Foundation report. By contrast, only 15 percent of covered workers at companies with fewer than 200 employees are enrolled in a self-funded plan.
“We’re thrilled to bring our expertise administrating self-funded plans for Colorado’s largest employers to small businesses throughout the state,” Thompson said. “Working together, we can help business owners manage costs while delivering competitive benefits packages that attract and retain talent.”
About Delta Dental of Colorado
Established in 1958, Delta Dental of Colorado is the largest, most experienced dental benefits provider in the state. It is a nonprofit organization that serves nearly 1 million Coloradans with high-quality, cost-effective, evidence-based dental plans. Delta Dental of Colorado’s mission is to improve the oral health of the communities it serves. Delta Dental of Colorado is a member of the national Delta Dental Plans Association (DDPA). For more than 50 years, the DDPA has worked to improve oral health nationally. Delta Dental member companies serve more than 62 million people nationwide. For more information, visit our website at DeltaDentalCO.com.
###