Tallahassee, Fla. – October 2019 – FBMC Benefits Management, Inc., an employee benefits solutions company, has launched a captive health insurance program for its clients to help fight rising healthcare costs.
Employers have continued to struggle with the challenge of finding a long-term solution to the rising cost of healthcare insurance premiums. Most small to mid-market employers are frustrated with constant rate increases and have little to no explanation as to why or how to combat them. That’s where FBMC is coming in to help.
“Health insurance premiums are increasingly becoming the second largest operating expense a small to mid-size employer incurs. This is the only expense in which they have little to no transparency into the supply chain they are purchasing from. That’s where we see an opportunity for improvement. This program is about effective supply chain management in an employer’s health plan. Through transparency, we can strategically attack cost drivers and lower overall costs for the employers and employees which allows them to reinvest in their businesses, “said Lee Martin, Vice President of Sales at FBMC. “Trends today show employee benefits are the leading factor in employment decision – even ahead of compensation. And with low unemployment rates in 2019, companies have to remain competitive to attract and retain talent – which is why employee benefits are more important now than ever.”
To create and manage this innovative program, FBMC is working with Roundstone Insurance to set up insurance companies called stop loss group captives. These companies allow mid-size employers to unlock the benefits of self-funding, which are traditionally only available to large companies. Self-funded programs enable employers to reduce fixed costs and control their overall spending by incentivizing employees to utilize healthcare resources to make more informed and efficient decisions about their healthcare.
Overall, the captive health insurance program transforms health insurance benefits from what was previously an ever-increasing fixed premium, to a variable cost that has limited risks, full transparency and the capacity to return savings back to both employees and employers alike.
Since the launch of this program, FBMC Benefits Management, Inc. and the captive health insurance program have been endorsed by multiple medical societies and associations including Dade County Medical Society, The Bones Society of Florida, the Physicians Society of Central Florida and Florida Orthopedic Society, to name a few. Whether you need help with managing increasing health insurance costs or navigating open enrollment with employees, FBMC provides employee benefit solutions tailored to your specific needs. For more information, please visit www.FBMC.com.
