As Bob Dylan once wrote, “…the times they are a-changin’.” The same is true for the healthcare landscape. For over a century and a half, the lion’s share of the healthcare insurance market has been controlled by BUCA. BUCA stands for:
- Blue Cross and Blue Shield
- UnitedHealth Group
- Cigna
- Aetna
But now, more and more employers are choosing to break free of BUCA because of high prices, lack of transparency, and cost controls. In today’s current business landscape, employee benefits are now one of the three most expensive costs for businesses, and benefits costs continue to go up by double digits. So, it has become more important than ever for small- to mid-market businesses to consider their options.
Take Back Control of Your Spending
The cable television industry has gotten away with no choices and no transparency for too long. Now, the streaming revolution is happening to their industry. The same goes for the benefits industry. With more options than ever, businesses are taking back control of their costs and planning with group captive plans. With a captive plan, employers can customize their plan to fit their needs. For example, employers can incentivize employee check-ups to lessen the probability of an expensive emergency room visit. Think of InCap®, Clark & Lavey’s captive solution like an insurance company that’s controlled by the insured. It’s a self-funded plan that is controlled by the employer.
InCap®: Your Solution for Costs, Control, and Transparency
InCap® allows small and medium-size employers to take more risks by spreading that risk among many other employers in that same captive group. Essentially, captive insurance services the interest of the employers, not the insurance carriers. This means that smart underwriting and proper risk management will result in a profitable captive (a check back to you!). Rather than subsidize the carriers and pay for unnecessary coverage, employers can utilize a captive solution to secure appropriate coverage at a better rate. This does not mean bad insurance or subpar treatment; rather, it simply eliminates the middlemen and turns a company’s cost center into a profit center.
Cut the Cord from BUCA
There is no reason to overpay for medical insurance. Whether in the cable industry or the medical market, coverage is a controllable risk. Through the use of a captive insurance solution, you can take control of the risk and receive excess profit back to you. Contact us now!