Which statement describes a critical feature of self-insured plans?

The correct choice highlights that self-insured plans enable employers to retain control over healthcare expenses. In a self-insured plan, an employer takes on the financial risk for providing health benefits to employees instead of purchasing an insurance policy from a carrier. This allows employers to tailor their health benefits programs to meet specific needs, control costs more effectively, and potentially reduce expenses associated with premiums and administrative fees. Since employers manage their funding for claims and may implement cost-containment strategies, they have greater oversight and flexibility regarding their healthcare spending.

In contrast, the other options do not accurately represent features of self-insured plans. For instance, self-insured plans are not backed by the government; rather, they are funded by the employers themselves. Additionally, they do not transfer all financial risk to third-party insurers, as that’s a characteristic of fully insured plans where the insurer assumes the risk. Lastly, while it's true that self-insured plans are more common among larger employers due to the financial resources required to manage risk, they are not exclusive to large corporations. Smaller companies can also self-insure, particularly if they belong to risk-sharing pools.