A captive insurance plan, or a self-insured plan, consists of a collection of companies that come together to create a fund, otherwise known as a buying group. Captive insurance allows employers to combine employee’s claims experience with other like-minded businesses to control medical insurance costs.
Since business owners are the insureds in a captive, they have the ability to possess much greater control to negotiate terms such as renewal cycles and reduce volatility and escape the 12-month renewal cycle. Unlike a traditional insurance plan, the goal of a captive is to reduce the risk of its member companies while providing flexible, high-quality insurance coverage.
Self-insured plans allow employers to take advantage of pharmaceutical rebates and give employers quality care at an affordable price. Captive programs are licensed and protected by the Department of Insurance and ensure employers are exempt from ACA surcharges and tax on insurance premiums.
The COVID-19 pandemic greatly affected the way many organizations of all sizes were able to conduct business. Triton’s captive program empowers employers to be in the best position possible to control their total cost of risk and oversee healthcare costs with greater flexibility of benefit plan design. Triton utilizes analytics to help employers align their organization’s needs with the most optimal healthcare plan and budget.
Register now for a free webinar to learn about the importance of a cost-containment program and understand how this strategy will rival any Fortune 500 company healthcare plan and have you rethink your current medical insurance strategy. This webinar will be hosted by Steve Rosenthal, President and CEO of Triton Benefits & HR Solutions, along with Tyler Hersch, Regional Vice President of Pareto Health on April 21st at 3:00 PM EST.
We will continue to put together self-insured plans to help your employees’ benefit while keeping you updated on all noteworthy healthcare and employee benefits changes at the federal and state level. Contact us today for additional healthcare resources.