Healthcare reform, increasing costs, lazered coverage and leveraged trends are causing many employers to reconsider their stop-loss options. These include employers who are fully insured considering a move to self-insurance and current self-insured employers.
Healthcare reform mandates have led to many employers to review the cost of their medical insurance programs including funding alternatives and the need for additional stop-loss coverage. Deciding to insure medical stop-loss and fund it in a captive has proven to be a great way for employers who self-fund their health coverage to add a layer of protection from excessively high individual or aggregate health claims and meet ACA requirements.
Medical stop-loss is not considered first dollar health insurance benefit and thus stop-loss captives are not subject to Department of Labor approval in the United States like many benefits are. Also, by funding stop-loss in a captive, an employer gains access to lower-cost reinsurance they might otherwise not be eligible for as a direct purchaser.
This white paper explains how medical stop-loss captives work, the common types of medical stop-loss captives and who should consider one. We hope you find it helpful and enlightening. If you have any questions at all, please don’t hesitate to contact our captive consulting team. All of our contact information is listed on the final page or this paper.
To get your FREE copy of this white paper, please fill out the form below:
While they were once almost exclusively risk funding mechanisms for the largest of corporations, captives have evolved over the years and a suite of captive funding options have been developed to assist businesses of all sizes.
In this paper, we seek to educate you about captive insurance, the history, benefits and the options available to small and mid-sized companies. We will explain what a cell captive is and how it can be an excellent entry point for a company into captive insurance. Finally, we will explore the next steps for your business if you decide that captive funding of your company’s risk might be a good choice and would like to explore it further.
We hope you find this paper helpful and enlightening. If you have any questions at all, please don’t hesitate to contact our captive consulting team. All of our contact information is listed on the final page or this paper.
To get your FREE copy of this white paper, please fill out the form below:
Over the past two decades, the choice to fund a portion of a their risk in a captive has become a more and more popular one for business owners. Whether it be property and casualty risk or employee benefits, employers understand that this funding mechanism, once viewed as an option only for the largest of corporations, is now an option for companies of all sizes and industries.
There is much to be gained from captive risk funding. Some of the most notable and common benefits include:
Potential short- and long-term savings
Customized employee benefits designs and property & casualty programs
Enterprise risk financing applications
Potential financial efficients like cash flow and insurance
Spring’s captive insurance experts recently teamed up on a helpful new book about captive insurance. In “The Basics of Captives,” we have laid all the information an employer needs to know about captive insurance including:
Why you would want to consider a captive
What exactly a captive is
What captives can cover
What kind of captives are there and how do they work
Where captives are domiciled
How to know if a captive is right for your business
How to go about establishing a captive
Spring’s award-winning captive team, lead by one of the industry’s top captive leaders, Karin Landry, have designed and built countless captives over the past 25 years including some of the world’s most innovative funding solutions. In this book, they share a little of their experience, along with some of the recent trends they are seeing, in hopes of helping even more businesses save money on and gain control of their risk programs.
To download a FREE copy of this book, just fill out the form below:
Effective May 2015, the city of Philadelphia passed new legislation regarding employer-provided sick leave. The newest act requires most employers to offer 40 hours of paid sick leave per year to employees if they don’t already. This new, annual sick leave can be used, not only by the employee to tend to his or her own maladies, but also to care for a sick family member.
This legislation is noteworthy enough in a vacuum, but when looked at as a whole along with a number of other recent similar state and municipal enactments across the country, is forming a significant trend. In our latest white paper, Lai-Sahn Hackett from Spring’s Integrated Disability Management team reviews legislative acts, across the country, related to sick leave to date and discusses the implications for employers and service providers alike.
You can get your copy of this helpful FREE white paper by filling out the form below and pressing “Submit & Download Paper.”
“As Human Resource (HR) and Risk Management (RM) professionals struggle to manage employee absence, the discussion quickly shifts to outcomes, return to work, savings and return on investment. While all very important topics, those measures include a very important data point that is sometimes overlooked – a sick, disabled employee.”
This powerful statement comes from the opening segment of a new article co-authored by Spring Partner Teri Weber along with Jennifer Kurtz and Jennifer Nash-Wright, both of Behavioral Medical Interventions. In the piece, titled “Behavioral Health Claims: Finding the Right Referral,” the three experts detail both peer reviews and independent medical exams (IMEs) and how to identify which referral is appropriate when.
To download this very informative piece, please click on the link below. Of course, if you have any follow-up questions to the advice offered in this piece, please do not hesitate to contact our team. And we will be happy to assist.
For many organizations, Risk Management and Human Resources (HR) operate independently with little to no interaction. Each department manages separate lines of insurance with both working towards similar goals; trying to reduce the cost of insurance while providing the greatest coverage for employees and the organization.
Companies for some time now have reduced the costs of their Property & Casualty (P&C) risks by utilizing a captive. Today, this alternative risk transfer technique is also available and utilized for funding employee benefits.
With the ongoing and constant rise in cost for employee benefits including healthcare, life insurance, disability and retiree medical benefits; captives are emerging as an attractive option to controlling those costs.
The HR department historically is the one that manages employee benefits including intricacies of plan design, regulations and mandates. With companies expanding their captive’s use to fund employee benefits, it is imperative the Risk Managers have a tool to understand how they can work with their HR colleagues to successfully fund employee benefit programs through a captive.
Spring’s Funding Employee Benefits in a Captive – A Risk Managers Guide outlines the advantages to funding employee benefits in a captive arrangement and provides guidelines on how to structure this type of program.
Companies who choose to fund their employee benefits through a captive have benefited from the following:
Reduced and guaranteed premiums for insurance coverage
Reduced risk and fronting changes associated with the plans
Custom employee benefit plan designs that are not traditionally offered in the commercial marketplace
Given this environment, Risk Managers are now exploring the option of increasing their captive’s capabilities and funding their employee benefits programs.
If you wish to receive a complimentary copy of Spring’s Funding Employee Benefits in a Captive – A Risk Managers Guide, please fill out the form below and click download.
Learn How Self-Funding Employee Health Insurance Can Save Your Business Money
Amid the concern and confusion surrounding the Affordable Care Act (ACA), one thing is clear: health insurance funding will never be the same. Many employers are already seeing higher health insurance costs and even more are bracing themselves for the possibility of more steep increases in the future.
Employers are facing the tough decisions of paying more for health coverage, passing additional costs along to employees, or eliminating coverage all together. Clearly, terminating health insurance isn’t the preferred or even practical solution for most employers. Quality benefit packages are a key element of attracting and retaining top talent. Because of this, businesses everywhere are looking for ways to offset cost increases by being creative and efficient.
One way a business can efficiently fund health benefits is by self-funding. By assuming part or all of the risk of employees’ health care costs, employers stand to achieve savings of 5-15% from self-insuring.
Our latest white paper “Self-Funding and the Management of Risk,” discusses the benefits, considerations and details of self-funding employee health insurance.
To download your free copy of this informative guide, please fill out the form below and click submit. You will then have access to the white paper.
Our latest Spring white paper, Managing an Absent Workforce: A Guide to the Family Medical Leave Act, will allow you to take a pulse on your existing program.
This book pinpoints some of the tactical items where employers could tighten their reigns including counting time, use of paid time, recertification processes, fit for duty and specific areas of interests for employers.
The guide also seeks to remind Human Resource professionals that processes related to FMLA need to be continually reviewed as other plans evolve to make sure they are still appropriate and compliant.
Please fill out the form below to download this helpful FMLA white paper.