Spencer Smith is a Senior Vice President at Pareto Health, a leading employee benefit group captive manager that helps midsize employers reduce health insurance costs and volatility. He is also the host of Self-Funded with Spencer, a podcast focused on self-funded employee benefits plans and the complex healthcare ecosystem.

Mentioned on the Show

Learn more about Self Funded with Spencer, the podcast hosted by Spencer Smith: https://www.selffundedwithspencer.com/
Connect with Spencer Smith on LinkedIn: https://www.linkedin.com/in/spencer-smith-self-funded
Spencer Smith is with ParetoHealth: https://www.paretohealth.com/
Both O’Brien and Spencer are fans of the work/videos of Eric Bricker, MD. Learn more: https://www.ahealthcarez.com/

Timestamps
(00:00:00) –O’Brien McMahon of People Business welcomes Spencer Smith of Self Funding with Spencer

(00:03:12) – How did you get started hosting a podcast about self-funded medical plans?

(00:05:42) – What’s the difference between a fully insured plan and a self-funded plan?

(00:08:08) – What are the benefits of a self-funded plan, beyond cost savings?

(00:09:20) – When do self-funding plans make sense, or when do fully insured plans still make sense?

(00:13:54) – What is the dreaded insurance "death spiral"?

(00:17:21) – How difficult is it for a company switching from fully insured to a self-funded model?

(00:23:01) – What are the most common mistakes for companies that tried self-funding and had it go poorly?

(00:29:38) – What do typical savings look like when moving from fully insured to self-funded, assuming the plan runs as expected?

(00:32:28) – What is Pareto Health, and what is Spencer’s “day job”?

(00:41:47) – What is a healthcare ecosystem, and what does it mean for employees’ healthcare consumer experience?

(00:44:17) – Why does Spencer think pharmacy plans are a great place to start with exploring self-funding?

(00:53:34) – What is care navigation?

(00:54:55) – How important is communication when it comes to healthcare benefits?