Self-Funded Medical Plans- How Captive Insurance Plans Can Work For You
With healthcare costs rising significantly each year, many companies are looking for ways to reduce the impact they have on their businesses. Self-funded plans have been the best way to reduce these costs.
Under self-funded plans, an employer provides health benefits to their employees using their own funds. Essentially, the employer pays the claims for their employees' health benefits. The employer saves money by not paying for a traditional insurance carrier to manage and process claims. They eliminate the risk of large claims by purchasing stop-loss insurance.
Larger companies have been using self-funded plans for years, but up until a few years ago, there were not many options for small to mid-sized businesses. Captive insurance plans are great ways for smaller businesses to take advantage of self-funded medical plans.
A captive insurance plans is a form of self-insurance that allows companies to join together to spread the risk and predict monthly insurance costs. There are different types of captive plans that could work for your business.
Roundstone Insurance has created a great video explaining the benefits of Captive Insurance for small to mid-sized businesses. We partner with Roundstone for our clients' captive plans. Please watch the video below to learn more about it.
Please contact us to learn more about how your business could benefit from captive insurance plans.
Healthcare changes are on the horizon this year with the new administration in place. We are compiling the data now and will be updating you in the next few weeks about changes to ObamaCare and the ACA. Feel free to reach out to us at any time with questions.
Advantix Benefits is an Employee Benefits and Healthcare Advocacy group in northern NJ. From benefits to HR to payroll to exchanges, we offer the services you need to maximize your employee benefits program. Contact Jeff Kallio at (973) 288-9121 or firstname.lastname@example.org to learn more about how Advantix Benefits can help your business.