As a CEO or CFO, it’s common to feel like health insurance providers don’t have your company’s best interest in mind. There is a lot of money to be made in health insurance, and insurance providers rake in large sums of profits annually. That’s why Clark & Lavey Benefits Solutions, a Hilb Group Company, offers an alternative solution. Through our self-insured captive insurance plan, our members typically save 12% – 15% in their first year alone. Read about Hilb’s InCap health care captive program and how it can help you manage costs.
Captive 101: A Crash Course about Captive Insurance
Hilb’s InCap health care captive program refers to groups of small- to medium-sized employers (50 to 2,000 enrolled) working together to secure better insurance rates and coverage plans. Your business can save money this way by mitigating your risk with a large pool of participants, instead of paying a fixed premium to an insurance company that assumes the risk. This is great for a CEO or CFO like yourself, because your company can keep the profits. This is a great alternative, instead of the insurance company keeping the money for themselves that is not spent every year.
Plus, health care captive programs allow you to not worry about massive increases at renewal if there are many claims. Captive health care programs provide coverage for, and are controlled by, its owners. This allows for extra plan flexibility and customization. Click here to learn more about how captive insurance programs work.
InCap®, Clark & Lavey’s Captive Insurance Plan
Consider these statistics to understand how much money you can expect to save as a member of InCap, our captive insurance solution. Through InCap, the majority of members receive an annual savings compared to fully-insured plans, with a 9.2% average profit distribution. In 2021 alone, we distributed more than $20 million of unspent captive premium pro-rata. The sooner you join InCap, the more money you will save!
How is InCap Unique?
Apart from extra cash flow and plan flexibility, InCap members also enjoy more plan transparency than fully-insured plans. We pride ourselves on our open communication and member rapport. InCap members also benefit from wellness strategies that we incorporate for both employers and employees. Since inception, InCap has totaled $60 million in total claims cost savings, received 17% profit shares for the past two years of three years and an astounding 27% this past year, and distributed an average per year of $550K in annual PBM rebates.
Make the Switch to a Captive Insurance Plan
As a CEO or CFO, you are ultimately responsible for your company’s financial success. If your company is struggling with any of the issues below, it’s time to make the switch to InCap today:
- Unhappy as a fully-insured employer.
- Having employee retention and recruitment issues.
- Low plan transparency but high plan costs
Have you received a higher increase than anticipated? Request a quote for an InCap plan and find out what your expected costs for could be. Now that you have a better understanding of Hilb’s InCap program with our quick Captive 101, you should realize the value of InCap. Join our group captive insurance plan to receive low rates, no frustrating negotiations, and guaranteed money-back. Contact our helpful team to start today.