With healthcare expenses posing an ever-greater threat to businesses' bottom lines, most large companies manage employee benefits expenses by self-funding insurance coverage. Thanks to the stability inherent in having a sizable risk pool, companies with 500 or more employees are able to use self-funding as a means to strategic control, data transparency and cost containment.
But without a large risk pool of employees to mitigate claims volatility and limit financial exposure, what's a midsize company to do? The answer, increasing numbers of midsize companies are finding, is Group Captive Health Insurance.
For midsize employers who aren't ready to go it alone in a self-funded program, group captives combine the advantages of self-funding with the security and stability once available only to larger businesses. That's why group captives — solutions that enable members to share risk while exercising a long-term cost-saving strategy — are the fastest-growing trend in self-funding today.
Like self-funded plans, group captive programs eliminate insurance company profits, allow full control of plan design and provide complete data transparency. Group captives also offer advantages that go beyond features of a self-funded program. These advantages include:
The bottom line: Membership in an established group captive is a long-term solution to financing and managing healthcare costs.
As an independent broker, Sylvia Group works with group captive pioneer Berkley Accident and Health to enroll midsize employers — with 50-500 employees — in Berkley's turnkey group captive program, the Hamilton EmCap. Creator of the Hamilton, Berkley oversees one of the largest, most mature and diverse blocks of employee benefit group captives in the U.S.
For clients, that means an unmatched combination of stability and experience. Hamilton members gain the advantages of a large-group plan while maintaining the independence to custom-design and control the features of their particular plan.
Hamilton members engage in a true partnership, with access to full disclosure and opportunity for involvement you won't find elsewhere in the group captive market. In Hamilton, members collaborate to promote best practices in health risk management and employee participation. Active participation is facilitated through program features including:
Group captive health insurance isn't for everyone, and it shouldn't be regarded as an instant fix to a financial challenge. But for employers making a long-term commitment to health risk management and a high-performing plan, the Hamilton EmCap is a sound solution.
When you work with a consultant who can coordinate efforts to design and implement a quality employee benefits plan, complex solutions produce seemingly simple results. Employers spend less on premiums, increase their assets and gain greater control of claims management. Employees find their benefits more comprehensive in coverage and less impactful on paychecks.
Those are results only an expert consultant can help you achieve.
To experience the difference an expert consultant on Group Captive Health Insurance can mean to your business, contact Sylvia Group Vice President of Employee Benefits Judy Besse at (508) 742-9256 or firstname.lastname@example.org.
“When I needed assistance with my business insurance program, Jill White immediately responded – and, even more important, she listened. She understood the challenges I had with my former agent, and she and the Sylvia Group team designed a program specific to my restaurant’s needs. I’m confident that with Jill’s expertise and personal attention, Fay’s is in good hands. That gives me the peace of mind to focus on what my family and I do best: serve delicious food and provide great customer service while running a successful business.”
– Evelyn Bettencourt, Owner, Fay's Restaurant and Knotty Pine Fine New England Catering
“Thanks to John Beauregard and the professionals at Sylvia Group, our MassMEDIC membership has paid immediate dividends. Through the BIO Business Solutions® program, Primo Medical received a significant premium reduction on our Professional Liability policy. In addition, utilizing Chubb as our insurance provider and Sylvia Group as our broker, we’re confident that we have business partners who truly understand our insurance needs, provide outstanding loss control services and continue to work with us to lower our total cost of risk.”
– Christopher LaPlante, Chief Financial Officer, Primo Medical Group
“I love your staff. Since we moved over to Sylvia Group for our insurance — what is it, maybe three or four weeks? — I have had more communication and attention from them than I had for the — what, seven or eight years? — with my former agency! You have a great team.”
– Pat Cassan, Ocean Explorium
“You have to have somebody like Judy Besse working with you. She’s very detail-oriented and patient. I’d be lost in a quagmire of laws, rules, regulations… I want somebody on my team as I have with Judy.”
- Paula Gendreau, Business Manager, Greater New Bedford Regional Voc-Tech High School
“I want to thank you for this incredible resource (ThinkHR). We will be accessing it frequently and appreciate Sylvia Group making this available to Advanced Eye Centers.”
Paul C. Abrantes, Executive Director, Advanced Eye Centers
“I so appreciate Julie Jennings' help with Medicare planning. It is a relief to be able to consult with a knowledgeable professional on insurance issues. I have no idea how people do this without such help.”
– Chris Black, Personal Insurance client
"Working with Judy Besse can be pretty interesting because she sets the bar so high. And because she’s putting the customer first, she’s willing to put choices on the table that a lot of brokers just aren’t going to consider because they don’t want to take the haircut."
– Ed Belt, CEO, Primarily Care, Inc.
“Working with Sylvia Group over recent years has taken our insurance issues from 'groans and moans' to 'no problem.' Rose Lopes, our Account Manager, is one of the most responsive people I have ever worked with. She responds immediately to questions or special requests. It is such a pleasure to work with Rose, who does whatever it takes to find a solution to our needs. We are very pleased… She always has our interests in mind.”
– Lynne Foley, Director of Human Resources, Five Star Companies, Inc.
“Judy Besse and Sylvia Group do a wonderful job. Judy’s skills, knowledge of the (benefits) industry and manner of presenting complicated things in an easy-to-understand fashion are unparalleled.”
- Tom Riley, M.P.A., Executive Director, Better Community Living
“We wanted to enhance our employee benefits offering, but we didn’t have the time or expertise to explore the myriad of options. Judy Besse consulted with us and provided detailed information that made a complex choice easy, enabling us to maximize our ROI. And she managed the entire process right through to implementation – including employee communication, enrollment and carrier accountability.”
– Tom Donaruma, Director of HR, Brahmin Leather Works
"Sylvia Group is by far the best insurance agency I have ever dealt with, both personally and in my business. They provide customer support that is not found in other agencies. For example, they take a personal interest in their clients, calls are always taken or returned immediately, and during reviews suggestions are made to offer the most cost effective and comprehensive coverage. When claims occur, they have always been there to facilitate the process. It has truly been a pleasure to have them represent me in my insurance needs."
- William N. Whelan, Chairman, Whelan Associates LLC