Rethink your Benefits Strategy: Explore the Advantages of Self-Funding.
Are you concerned about rising healthcare costs? Do you want to make your own decisions when it comes to designing benefits? HUB offers a unique alternative to traditional employee benefit programs – HUB Cannabis Benefits Captive. It allows cannabis employers with over 50 covered employees to customize health benefits for their employees.
Watch the video below to learn more about this innovative approach to employee health benefits:
What is a Benefits Captive? Is it right for me?
Simply put, a captive is a risk management program where employers can control and administer their own benefits program. The employer is essentially acting as their own insurance company, backing claims with their cash reserves and stop loss insurance. Here are the advantages of the HUB Cannabis Benefits Captive:
- Greater Flexibility – freedom to design your plans, choose your limits, network, and vendor partners.
- Data Transparency – line of sight into call cost data, including claims, administration, and performance.
- Claims Cost Control – access exclusive tools and vendors to help you keep costs low, which can translate to lower costs over time.
- Reduced Fixed Costs – lower renewals and administrative costs – and get returns of unused pooled premiums from the collective captive layer.
- Market Leverage – as part of this captive, realize stronger purchasing power and market leverage than you would as an employer on your own.
- Renewal Stability – captive pooled risk provides increases that are consistently below trend; surpluses can offset future premiums.
A captive is best suited for employers with stable claims experience and a predictable cash flow. To learn if this solution is right for your company, talk to a HUB benefits consultant.
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