What are the requirements for an employer self funded group to set aside money for medical claims?
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What are the requirements for an employer self funded group to set aside money for medical claims?
Does an employer self funded group need to have a special account set up to pay medical claims? Can they just have money in a checking account?
Asked on June 2, 2009 under Insurance Law, Missouri
Answers:
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Answered 14 years ago | Contributor
Without seeing your contracts and knowing more of your corporate structure, it is hard to know if you are complying with applicable statutes. However, as a general rule, it is always preferable to hold what are in effect trust funds in a specially denominated account, if for no other reason than ease of accounting. If you need me to review your organizational documents and determine if you are in compliance, feel free to call me at 913 441 5025 or email me at [email protected]
Sean Santoro
Attorney at Law
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