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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.