- Deadline Looms to Obtain Group Health Plan IdentifiersPosted 1 month ago
- IRS Expands Midyear Election Change Rules for Section 125 PlansPosted 2 months ago
- Millennials under insured compared to other age groupsPosted 3 months ago
- 90% will qualify for individual mandate exemptionPosted 4 months ago
- Play or Pay in 2015 — so many requirements, so little timePosted 4 months ago
- Obamacare Challengers Eye Supreme Court DatePosted 4 months ago
- What Americans think about health insurance & hiring practicesPosted 4 months ago
- Revisiting Medical Loss Ratio RebatesPosted 4 months ago
- Education heightens employee satisfaction with benefits, employersPosted 4 months ago
- Health care employers need cure-all for retirement epidemicPosted 4 months ago
How Can Employers Benefit from a Benefit Group Captive
A Benefit Captive plan isn’t the perfect fit for every employer. However those that are able to utilize one often find it to be one of the best employee benefits solutions available on the market.
A Benefit Captive plan is designed to reduce cost, increase flexibility, and reduce volatility. At Power Group we are so crazy about this benefits solution- that we are a part of one.
Below are some of the commonly asked questions we get about Benefit Captive plans.
A Benefit Captive is for progressive business leaders who are tired of being held hostage by their renewal month and want solid benefits without the usual madness.
-Each employer creates a unique self-funded benefit plan
-Each employer selects its own TPA and network
-All policies are re-insured to the captive
-Each employer purchases a stop loss policy from a single carrier
-Small predictable claims are covered by the employer
-Medium-sized claims are covered by the group captive
-Catastrophic claims are covered by the insurance carrier
Benefit captives are extremely transparent and contain more reporting opportunities for employers.
-Better risk selection
-Reduced expenses (taxes, administration)
-Elimination or reduction of some state mandates
-Wellness best practices- claims prevention
On average, businesses who enroll in a group captive see an initial savings of 5-10%. Within 5 years, it is not unreasonable to reach 50% savings.