A Group captive approach to insuring your medical expense risk is one of the many strategies escalating medical costs head on. Take control by not only improving your approach to how health care is delivered to your organization, but how the insurance dollar is spent and returned. When the best possible cost containment services are combined with an efficiently built risk retention facility, the conclusion that a Medical Expense Group Captive offers the lowest cost solution for insuring your health care is evident.
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The organizational process is much like any new insurance organization. There is the entity organizational process and the insurance regulatory application process. The States require specific registration information and forms for each new purchasing group either formed or intending to do business in their state.
Because of several factors including double digit premium rate increases, loss of control under healthcare reform and innovative health insurance programs that return dollars when health care costs are reduced, wellness programs coupled with financial incentives are becoming all the rage. Why not, they provide a great opportunity for both employer and employee to work together and reduce health care expense for each.
Whether a captive insurance company is right for you depends upon your particular risk or exposure, the size of your business and the activity or inactivity of the traditional insurance market. Fortunately, the ability to enter or exit the captive market has become a lot easier through cell or segregated account captive companies.