So far, we’ve covered alternative benefits and perks that can improve your company culture and attract and retain talented workers. Of course, health insurance is a significant factor that potential and current employees care about most. And as an employer, you understand basic premium-funded health insurance plans. You pay a specific amount for each participant (and potentially their family) and split the cost with your employee. But there are alternative health benefits solutions such as self-funded captive insurance plans that could save you money while also enhancing your employees’ insurance with top-of-the-line carriers and wellness programs.
What is a Captive?
A group captive is a health insurance pool formed by companies joining together to reduce the overall cost of their medical benefit spend. Additionally, companies in a captive often have access to a Benefits Advisor. They assist you with utilizing the negotiating power of a large pool of participants. For example, they can assist you with reducing insurance premiums, while lowering risks, and optimizing tax savings. For example, Clark & Lavey’s InCap® is a proven group captive insurance program that provides health benefits solutions for escalating health premium costs. It provides an alternative to traditional, fully-insured health insurance plans that require fixed insurance premiums go to an insurance carrier that keeps the annual profit.
What to Expect from a Captive
When moving into a captive program, you can expect transparency on regular medical and claims data. You will also have access to the best carriers and gain control of your plan’s design to best meet your employees’ needs. In addition to this, captive programs also offer cost-containment strategies that include pharmacy programs, disease management, and wellness initiatives. InCap® is a great option for organizations that are trying to take control of their health insurance, especially if they do not have the exposure of a fully self-funded plan.
Employer and Employee Benefits
Our Benefits Advisors work directly with you to break down data and explain forecasts. They will also help you tailor your benefits plan. By tailoring your plan, you can get the most out of it for your employees. They can also explain how to carve out different solutions for items such as ER, urgent care, and Rx co-pays. With these savings, companies will be able to re-allocate funds. The funds can be used for additional impactful benefits, headcount, or salary depending on the needs of the organization.
Moreover, the wellness programs are of huge benefit to employees and are an integral part of health benefits solutions. Clark & Lavey’s wellness partner is nationally recognized and many have seen a significant reduction in their Medical Loss Ratio (MLR), effectively lowering their claims experience, and ultimately their health premium costs. Which in turn, means healthier and happier employees.
Stand Out with Alternative Health Benefit Solutions
Read our newest white paper and blog series that focuses on alternative benefits companies should consider in today’s competitive job market. The previous blog post in this series, titled “Additional Benefits and Perks to Motivate Your Team,” reports on fun incentives to boost productivity and improve your company culture. If you have any questions, please contact us. We would be happy to help you explore alternative benefits!