CaptiveGuru Health Plans

If you are interested in forming a captive insurance company, CaptiveGuru contains the information you need to get started in the right direction.  Designed and run by the captive insurance industry experts at USA Risk Group (West), Inc., CaptiveGuru is up to date with relevant changes in the industry and passes on that important information to you. Whether you are looking at a captive for the first time or are a seasoned member of the industry; USARGW will help keep you on track throughout the process of forming, owning, and administering a captive insurance company.  

This winning combination of unique features makes CaptiveGuru the one-stop source for fast access to  information on captive insurance. You will not find that anywhere else! That`s the CaptiveGuru advantage.

Thinking about how you can offer Added Value Services to your members?
Consider partnering with National Computerized Agencies (NCA) to offer them Personal Lines coverage.

NCA uses its expertise and proprietary payroll deduction accounting systems in the administration of discounted, employer/association sponsored personal lines insurance programs. NCA is contracted with many of the nation’s largest carriers that serve the worksite marketing insurance sector, and is a member of the Independent Insurance Agents Association and the Professional Insurance Agents Association. Our independent status gives our sponsoring organizations the choices and flexibility to provide custom-designed programs to their constituents.

NCA offers:

• All forms of personal lines insurance, voluntary benefits, and financial services products.
• Program design, marketing, and administration without any cost to the sponsoring organization.
• Payroll or bank account deduction of premiums without any fees or finance charges.
• Access to a multi-carrier and multi-product platform through a single program and single payroll deduction slot.
• A staff of licensed agents and consultants with professional qualifications.

Introduction

Over the past 20 years, many small businesses have begun to insure their own risks through a product called “Captive Insurance.” Small captives (also known as single-parent captives) are insurance companies established by the owners of closely held businesses looking to insure risks that are either too costly or too difficult to insure through the traditional insurance marketplace. Brad Barros, an expert in the field of captive insurance, explains how “all captives are treated as corporations and must be managed in a method consistent with rules established with both the IRS and the appropriate insurance regulator.”

According to Barros, often single parent captives are owned by a trust, partnership or other structure established by the premium payer or his family. When properly designed and administered, a business can make tax-deductible premium payments to their related-party insurance company. Depending on circumstances, underwriting profits, if any, can be paid out to the owners as dividends, and profits from liquidation of the company may be taxed at capital gains.

Premium payers and their captives may garner tax benefits only when the captive operates as a real insurance company. Alternatively, advisers and business owners who use captives as estate planning tools, asset protection vehicles, tax deferral or other benefits not related to the true business purpose of an insurance company may face grave regulatory and tax consequences.

Many captive insurance companies are often formed by US businesses in jurisdictions outside of the United States. The reason for this is that foreign jurisdictions offer lower costs and greater flexibility than their US counterparts. As a rule, US businesses can use foreign-based insurance companies so long as the jurisdiction meets the insurance regulatory standards required by the Internal Revenue Service (IRS).

There are several notable foreign jurisdictions whose insurance regulations are recognized as safe and effective. These include Bermuda and St. Lucia. Bermuda, while more expensive than other jurisdictions, is home to many of the largest insurance companies in the world. St. Lucia, a more reasonably priced location for smaller captives, is noteworthy for statutes that are both progressive and compliant. St. Lucia is also acclaimed for recently passing “Incorporated Cell” legislation, modeled after similar statutes in Washington, DC.

A brief primer on Healthcare plans

Companies like GoHealth combine cutting edge technology with good old fashioned friendly expertise to compare hundreds of plans and find the right one for you.

How much is health/medical insurance in Florida?

If you’re trying to find your best health insurance plan in the state of Florida, you will find many cost-effective options on the Florida health insurance marketplace. In 2020, the average cost of health insurance in Florida is $554 per month for a 40-year-old. Averaging over-all age groups, average cost of health insurance comes to about $203 per person for a major medical individual health insurance plan. Prices will vary and premiums can be reduced if you are in good health.

Currently, Blue Cross Blue Shield and Cigna offer the best rates in the majority of the Florida and is available in almost every county. A plan that most consumers can start looking at is the BlueOptions Silver 1410, a Silver plan which has the smallest premiums in most Florida counties.

 Obamacare health insurance can be bought and less costly for everyone, especially to those with the lowest incomes since it helps subsidize costs. Some of the ways you can obtain health insurance coverage is through the Florida exchange, through an employer’s plan, public programs like Medicaid and CHIP, directly from a private insurance provider, or through health insurance marketplaces like GoHealth.

GoHealth has partnership with over 300+ private insurers to assist Florida residents evaluate plans and benefits, and grab considerably better health insurance at the lowest cost.

Florida Blue (BCBS) health insurance reviews

Florida Blue is a sub-division of Blue Cross, a well-known national health care provider. Florida Blue offers PPO plans, which provide you with the most freedom to choose your doctors and health care service providers.

This can be quite useful if you have a chronic condition or longstanding relationship with a physician and you don’t want to start out treatment with a new doctor.

Florida Blue gives subsidiaries to aid you in reducing the cost of health care if you’re living on a fixed income. Florida Blue’s ACA-compliant healthplans also incorporate free preventive care like physicals, vaccines and mammograms.

Florida Blue also improved virtual health access for its members, responding to COVID-19. The insurer added no-cost usage of Teladoc for its Medicare Advantage members and waived all copays for all its Affordable Care Act members and many employer group health plan members. Florida Blue Teladoc gives 24/7 virtual health care via phone, video or mobile app for non-emergency medical concerns.

Useful links

https://www.employeebenefitadviser.com/opinion/the-basics-of-health-insurance-captives-for-small-employers

https://www.marsh.com/us/insights/research/health-care-captives-medical-stop-loss.html

http://www.captiveguru.com/mfcms/files/Primer%20on%20Reciprocals.pdf

Florida Health Plans

https://www.irmi.com/articles/expert-commentary/captives-101-what-are-they-and-why-do-i-want-one

http://www.captiveguru.com/Content/NewsAndViews/Search.aspx?id=984

Independent vs. Captive Agents

https://www.ambetterhealth.com/