Rising health care costs have become a problem for businesses across America. As costs continue to soar, many companies scramble to find solutions for reducing health care costs while still providing their employees with high-quality benefits. If your business is in a similar situation, you may not have to cut benefits to control costs; you may be a great fit for a captive insurance program. Discover how captive programs work and where you can learn more.
Reducing Rising Health Care Costs with INCAP®
InCap® is Clark & Lavey’s proven group captive insurance program that helps employers with reducing rising health care costs. InCap is the best opportunity for a mid-sized group (50 – 1000+) to truly impact employee benefits costs without cutting the quality of their employee benefits. It provides an alternative to traditional, fully-insured health insurance plans. InCap is unique because it doesn’t require fixed insurance premiums to an insurance carrier that keeps the annual profit.
How Do Captive Insurance Plans Work?
A captive insurance program is a form of self-insurance where you’re part of a much bigger pool of employers. This set-up helps to lower both your risks and costs. And captives give you control over your benefit plan design – so you’re not compromising on the quality of your benefits! After switching to a self-insured captive insurance plan, previously fully-funded companies can typically save 12% – 15% in the first year alone.
Learn More About Reducing Rising Health Care Costs
Clark & Lavey’s President and CEO Paul Clark was a featured guest on the “Talking HR with Allison and Pete” podcast. The hosts are Allison Ebner, Director of Member Services with Employers Association of the Northeast headquartered in Agawam, MA and Pete Miller, CRBS, ChFV with Millbrook Benefits and Insurance Services, LLC in East Longmeadow, MA. In the episode titled “Reducing the Cost of Your Health Plan with a Captive”, Paul explains how captive insurance plans help employers with reducing rising of health care costs. Additionally, he also spells out how InCap improves transparency and helps employers gain more control over their health care plans.
Listen to this episode to discover if your business could benefit from a medical captive plan. Then, contact us to discuss your needs in further detail!
