Self Funded Inclusive Insurance + Group Wellness Programs

-Close to 5 billion people lack adequate health insurance. One problem with this issue is that some people do not trust government or large corporation insurers. Along with this, close to 1 billion people do not have proper identification.

The proposed solution is the following:

-Business owners can have essentially self contained health insurance companies (Self-Funded). This is already being done in the United States. Those who are distrustful of government or private health insurance may have more trust in their local employer. Workers lacking proper identification in the country where they work may be more willing to apply for proper identification because of the ability to gain employer based health insurance.

  There is a risk with self-funded policies that has been experienced in the US. Although routine medical expenses may be readily afforded with a proper financial reserve for claims, extraordinary medical expenses can deplete the entire reserve fund. This is managed by means of a private health insurance policy for these types of claims, called a stop loss insurance policy. However; for small companies, the extraordinary health insurance claims can still be too much to manages.

  This brings why "global stop loss" is in the title of this solution. What is envisioned is a global insurance policy with a diverse portfolio of businesses paying for what would be  inclusive, micro insurance stop loss policies.

   Bond financing could be arranged by the International Development Bank, which is itself self-funded for the health benefits of its own staff. The goal would be to encourage rich nations to become more involved in the health benefit issues of the least developed countries (LDCs). An example recently seen was with COVID, when there were limited vaccines to LDCs. If global stop loss bond investors gain by LDCs being healthier, this may encourage policies benefiting the health of those living in the LDCs. It is unfortunate that policy could be guided by bond prices, but it could be one extra way to ensure that health benefits are being provided in the LDCs.

 To offset extraordinary medical expenses, wellness programs are envisioned for policy holders. Wellness programs are often seen as exercise courses and so on, but a key part of wellness programs is working with a minority of the employee population to encourage smoking and alcohol cessation. This can lower the risk of extraordinary medical expenses.

   In the event of losses that exceed the stop loss policy despite the risk management being implemented, there is reinsurance, insurance for insurers.

The target population is primarily the approximately 5 billion people without adequate health insurance. The secondary target population is the 1 billion people without adequate identification who may the program an incentive for obtaining proper identification.

The idea appears to be somewhat innovative. The team leader has specialized training in self-funded insurance as well as in corporate wellness program design.

I believe the program could help many people. I do hope that getting the message out of this idea could even help to initiate this type of program.