Key Takeaways for Business Owners Considering Self-Funded Medical Insurance

Here are some key takeaways for business owners considering self-funded medical insurance:

Customization: Self-funding allows businesses to tailor their healthcare plans to their employees' specific needs and offer more robust coverage options.
Potential Cost Savings: By self-funding, businesses can potentially save on premium costs and have more control over healthcare expenses.
Increased Control: Self-funded plans give businesses more control over plan design, provider networks, and claims data.
Financial Risks: While self-funding can offer cost savings, businesses also bear the risk of high-cost claims and must have sufficient funds to cover these expenses.
Administration: Self-funded plans require careful administration, including claims processing, compliance with regulations, and managing vendor relationships.

Practice Leader(s)

Captive Practice Leader, Managing Director

Max Jong

Captive Practice Leader, Managing Director

Max Jong is the Captive Practice Leader and Managing Director at Risk Management Advisors, an alternative risk and captive management firm. Max began his career at Northwestern Mutual in 1994 after graduating from UCLA. Over 12 years, he built a successful financial services practice while heading up an office overseeing 50 professionals in Los Angeles and Irvine, California. The office was perennially one of the top producing organizations in the Northwestern Mutual system.

Max joined his partners at Risk Management Advisors in 2007 as he began to work with more sophisticated mid-market business owners. RMA specializes in the design, formation and management of captive insurance companies. There’s also an emphasis on self-funded group benefits as well as other creative alternative risk management strategies. The firm assists businessowners in better managing their risks without jeopardizing their balance sheet. In 2019, he headed up a merger with Risk Strategies, a Top 10 private national specialty insurance brokerage and consulting firm. Since then, he was appointed as the Captive Practice Leader to oversee the growth and development of the organization.

For 5 years, Max served as an Independent Director for Fiat Lux Risk and Insurance Company, one of the largest and most sophisticated captive insurance companies. Fiat Lux was established by The University of California Regents to better manage the broad risks of the University of California system.

Max has also been a life-long supporter of Big Brothers Big Sisters of Greater Los Angeles. He initially volunteered to be a mentor in 1995 and is currently mentoring his second "Little". Max was asked to join the Board of Directors in 2000 and eventually serving as their Board Chair. After 20+ years as an active board member, he continues to support the organization by serving as a Trustee.

He is married to Alice and they’re raising two young children, Hunter and Hayden. Max and Alice are happily married despite her irreparable mistake of having gone to USC. He loves to travel, loves to golf and a hopeful Lakers fan.