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Difference Between Fully Insured and Self-funded Benefits and HIPAA Compliance
Self-funding one's health plan involves paying the health claims of the employees as they occur. With a fully-insured health plan, the employer pays a certain amount each month (the premium) to the health insurance company. When transitioning to a self-funded plan, a company must designate one or more employees as the Privacy and Security Officer. They manage the HIPAA compliance process. Here, we discuss the difference between the two types of benefits and HIPAA compliance.