“The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.”
– George Bernard Shaw
What if there were a product in the marketplace that checked all the boxes of the ACA requirements, saved employers an average of 30%, and had the stability of having been available for 25 years? There is such a product and it is the biggest kept secret in employee benefits. Health Captives are a way for employers to pool their employees to create a self-funded plan that provides larger networks, richer benefits, and decreased cost for owners and workers.
The keys to success in group health insurance captives are proper setup and explanation of the plan (what do you mean everyone is in my network?) and making sure the proper stop-loss instruments are in place. That requires an extra service step that many brokers just are not willing to take for their clients. The benefit consultants and brokers that are interested in their clients’ best interests can save employers and employees big dollars (for better coverage).
Stay tuned to this blog and our podcasts to keep informed on this and other legislative and regulatory updates.