Why Employers Should Consider the URA Health Insurance Captive (Part 3)
Captive insurance
One way to mitigate risk is by joining a captive. Captive insurance enables organizations to take control of their program, reduce costs and maintain a healthy, engaged workforce while spreading risk across a group of employers.
Employers can maximize their benefits investment in good years by capturing profit that would have otherwise gone to the insurance company if they were fully insured. Think of it as an automatic savings account for funding the plan. Plus, employers get data regardless of their size, giving them greater ability to manage future claims.
If managed appropriately, being in a health captive may be less risky because employers can use their data to drive strategy, minimizing future cost increases. Fully insured groups that don’t receive data may be left with little direction and a significant renewal increase during a high-risk period as carriers try to recoup their losses. The trick is to work with an experienced consultant that can select and design a program that’s right for you.
The URA Captive blends the benefits of self-funding with the security and predictability of a group captive. It offers:
- Market leverage: Greater buying power and protection by joining with other employers
- Power in data: Access to crucial data for making informed decisions
- Fixed rates and predictability: Captive members pay fixed monthly rates by tier
- Potential savings: Underwriting gains can be returned to employers even in high-claim years, unlike other captive insurance programs.
The URA Captive provides comprehensive coverage and stability.
- Floating $300,000 stop-loss coverage: Protects against high claims
- Preferred partnerships: Employers get access to preferred TPA, PBM, and Stop Loss partners and large national networks.
- Top-tier management: Managed by Strategic Risk Services, the largest independent captive manager in the world.
- Participatory structure: No financial or tax implications on dividends.
- Steady growth and buying power: Over 5,800 lives under management.
- No surprises: Early renewals allow time to plan for changes.
- Smooth transitions: The URA Captive can cover initial collateral requirements.
With the URA Captive, employers can enjoy the benefits of self-funding while mitigating risks and ensuring more predictable, stable health insurance costs.
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