Self funded plans are regulated by the feds and allow the plan to pick and choose which specialties will be covered. Fully funded plans are regulated by the state and must comply with state mandates when it comes to deciding if a specialty will or will not be covered. Blanket plans which have become popular with academic institutions are neither self funded nor fully funded. Are Blanket plans regulated by the feds or the state? And more importantly, are they obligated to cover specialties that are consistent with state mandates?