Rieva Lesonsky

Although the results of the health-insurance reform passed earlier this year will take years to fully work out, there’s one way your small business might be able to save on health insurance right now, reports CFO Magazine: Do what a growing number of small businesses are doing, and self-insure.

Large companies have used self-insurance for a long time, but until recently, the conventional wisdom held that was only a good fit for businesses with 1,000 or more employees. But new data from PricewaterhouseCoopers shows the percentage of employers with fewer than 1,000 people that self-insure has risen from 29 percent in 2008 to 48 percent in 2010.

Here’s how self-insurance works: Rather than paying a monthly premium to an insurance company, your company agrees to pay for employees’ medical claims. As with insurance, you build some type of deductible or co-pay into the agreement, so the employee is paying some of the cost. Your company may still use an insurance company to administer some benefits, and may choose to get stop-loss insurance (which covers claims above a certain dollar amount and below a certain limit, so you can “cap” your costs).

» Read more: Can You Cut Your Health-Care Costs by Self-Insuring?