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Current Healthcare State:
* For many employers, the cost of health insurance continues to rise and is now the second largest expense item, trailing only payroll. The average annual cost per family is almost $13,000 per year.
* This puts medium sized employers in a difficult position as they have very few product options and scarce information about the healthcare system. They often don't even know what claims they have or where their premium dollars go.
* The lack of transparency inherent in the system prevents employers from taking control of the cost of health insurance. The only thing clear to them are the annual increases they experience each year.
How The Becker Benefit Group Can Help:
* Our Group Health Captive allows these medium sized employers to address these annual increases and access the alternative insurance techniques currently used by larger 1000+ employer companies.
* Providing complete control over health insurance costs by offering transparency and the opportunity to reduce these costs, the Group Health Captive actually creates stability and helps to increase profits.
* Our Group Health Captive encourages a healthier workplace and provides employees with a better quality of life, both at work and at home.
How The Group Health Captive Works:
* A group of employers form a Group Health Captive in an effort to reduce the cost of health insurance. It can be formed with a variety of employer groups such as:
1. Existing Group Captives or Risk Retention Groups
2. Existing Self-Insured Groups for Workers Compensation
3. Clients of an Agency or Broker
4. Trade Associations
5. Franchisees
6. Portfolio Companies of Private Equity Firms
Key Features:
* Provides access to the same tools, techniques, and risk reduction strategies offered by the largest of employers
* Eliminates carrier profit
* Minimizes state premium taxes
* Offers ability to eliminate or modify state mandated benefits
* Offers complete plan flexibility and transparency
* Encourages working together with "like-minded"
* All wellness, coaching, and EAP plan included
* All monies not spent on claims are returned or retained by employer
We anticipate an employer's savings of 13% in year one and 22% by year five.
Considering 5-10% of your employees can account for 50% of your claims, is your company doing anything to mitigate this risk?
Considering that 7% of adults are diabetic and an additional 26% are pre-diabetic, is your company doing anything to help at-risk employees improve their health?
This group health captive program allows mid-sized employers to offer a partially self-funded health plan and enjoy the significant underwriting profit an insurance company earns.
Proven tools, techniques, and incentives are put into place to help employees better manage their health.
I am convinced that if your company has the financial wherewithal, this approach will make more sense than fully insured health plans for the majority of employers.
If you are interested in more information about Group Health Captives, or if your company is interested in participating in our Group Health Captive please contact our office.
Gary Becker is the President of Becker Benefit Group, Inc., specializing in employee benefit solutions for the mid-size marketplace. Becker Benefit Group is a forward-thinking employee benefit insurance agency that has established the first Group Health Captive in the State of Maryland ... and one of the first Group Health Captives in the country.
Gary C. Becker, President
Becker Benefit Group, Inc.
11000 Owings Mills Boulevard, Suite 6A
Owings Mills, MD 21117
Bus: 888-502-8800
gary@beckerbenefit.com
www.beckerbenefit.com
Group Captives for Medical Benefits, Savings and Profits for Mid-Sized Employers. Call me for information.
"Always do right. This will gratify some people and astonish the rest." Mark Twain
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