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.

Comparing short term health plans

Many people feel as though the job is done once they just pick a major medical plan already but doing your research and really understanding your insurance plan is an important step in the process. Do you know where your coverage has gaps? What are your out-of-pocket expenses? Do you need gap insurance?

If you don’t know the answers to these questions, you need to take a closer look at your plan.

Or maybe you missed out on open enrolment, and looking for alternatives to major ACA compliant plans.

Nowadays, you’re looking at a deductible of 1,000 dollars or more with all major health plans as well as more than $6,500 in total out-of-pocket expenses. These numbers do not include other expenses that are not covered by health insurance, either. Gaps like this in health coverage is why many may need a second supplemental health insurance.

Extending your health insurance coverage with GAP or supplemental insurance can cover your deductible costs as well as provide lump-sum cash benefits for serious illness and accident coverage and aid in paying high deductibles.

Best rated supplemental health insurance companies for temporary/short term

1.LifeShield VitalaCare Limited Benefit Medical

Review: This PPO plan from LifeShield National Insurance Co. is meant to offer you, and your covered dependents, with first dollar coverage that is capped at certain amounts for particular services. You can use your benefit to cover medical expenses or for expenses associated with your medical event and to assist with lost wages or lost job.

Get quotes from LifeShield agents and compare with other carriers.

LifeShield uses PHS insurance network and offers excellent limited benefit medical insurance plans. Overall, LifeShield has recieved a high customer Experience rating of 4.5/5. LifeShield National Insurance Company has been rated B++ by A.M. Best, and has an A- rating on the BBB, with a total of 6 complaints over the last three years, which appear to have been resolved.

Benefits payable directly to the policyholder (unless specified otherwise) that can be used for any purpose

Availability for you, your spouse and eligible dependent children

Clear benefit amounts so you know the exact amount that’s payable for covered services

What is included?

Hospital Stays Benefits

This plan features a healthcare facility or hospital stays benefit – in order that you receive a set amount when you are confined in a hospital. The benefits are paid directly to you or your designee. This health plan benefits range from:

Inpatient Hospital Stay :$100/day, $200/day, $300/day, $500/day, $750/day, $1,000/day

Maximum Benefit Days (per Plan Year): 30

Maximum Benefit Amount (per Plan Year): $3,000, $6,000, $9,000, $15,000, $22,500, $30,000

Doctor Visits Benefits

This plan incorporates a doctor visit benefit – and that means you will receive a set amount if you have to go to the doctor due to an accident or illness. The health benefits are paid directly to you or your designee.

Physician Office Visit: $50/visit or $75/visit

Maximum Visits (per Plan Year): 3 or 5

Maximum Benefit Amount (per Plan Year): $150, $250, $375

Teladoc

A telemedicine solution that solves the three biggest issues in healthcare: Access, Cost, and Quality:

24/7 availability

Available in all states

How it works

Get a comprehensive selection of telehealth solutions and consultation with a doctor 24 hours a day, 365 days a year, by web, phone, or mobile app. Need to see the doctor? Choose “video” or “phone” as the method for your visit to the doctor.

Got a busy schedule? Decide on a time that’s good for you by choosing “schedule” instead of “as soon as possible.” The company will search our nationwide network of U.S. board- certified and licensed doctors, physicians, dermatologist and therapists and pair you with a health care provider licensed in your state.

If medically vital, a prescription will be delivered to the pharmacy of your choice. Get the treatment you need in a timely, expedient manner. Additionally, you can send your visit results to your primary care physician.

Karis360

Karis360 makes healthcare simpler by assisting members with questions about insurance claims, medical billing, and where to go for care:

Concierge services for members for all healthcare questions and issues

Unlimited assistance from a Personal Advisor who works in coordination of healthcare providers to lessen members’ out-of-pocket medical expenses.

Rx Helpline

RX Helpline assists members with advocacy and discounts to make prescription medications more affordable.

Personalized Assistance: Review all possible savings with one of its specialized advocates.

Real Savings: Members save on average 44% per prescription.

Instant Access: Receive immediate access to top national cost-savings program for all brand name and generic medications.

Who is it for?

LifeShield VitalaCare Limited Benefit Medical is ideal for people:

Those who want the freedom to choose in using their benefit payment

Individuals who desire the added coverage of an indemnity plan

People seeking a secondary health insurance to supplement a higher deductible major medical plan

2.National General Health Insurance

Review: National General’s Short Term Medical insurance offers good temporary plans to face unpredictable moments in life with confidence. It provides the financial protection you need from unexpected medical bills and other health care expenses. Its plans are not the lowest priced and don’t cover all health care necessities, but the company offers wonderful features and a variety of products, including short-term health, supplemental and dental insurance.

Health insurance through National General is a good choice if you would like cheap, temporary coverage. Some of the ideal fit circumstances are

Missing open enrollment

Bridging the open enrollment (deductibles) gap

Students who recently graduated and waiting for job

Students who recently graduated and waiting for job

If you are a student who is leaving your parents coverage

Part-time or temporary employees

When are between jobs and waiting for your new benefits to begin

Looking for low-cost alternatives to major medical insurance

Pros

Strong provider network through Aetna

Convenient short-term health plan deductibles, coinsurance levels, out-of-pocket maximums and coverage period maximums

Health benefits involve telemedicine and gym membership savings

Doctor visits and some preventive care

Emergency room and ambulance coverage

Urgent care benefits, and more

Cons

Insurance that covers the essential benefits (pregnancy, prescription drugs and other health care services)

Cheap short-term health insurance premiums

National General Short Term Medical Insurance Feature Highlights

Coverage Period Maximum of $250,000 and $1,500,000

Deductible options of $1,000, $2,500, or $5,000

Coinsurance Percentage of In-Network plan 100/0, 80/20, 70/30, and 50/50

Doctor Office Visit and Urgent Care Co-pay of $50

3.Aspen STM insurance

Review: Aspen Short Term Medical insurance includes flexible plan designs and options to help you and the plan that fits your needs, budget, and your time frame. Aspen STM plans are decent enough and provide a good, overall financial protection you need from unexpected medical bills and other health care expenses.

Aspen Short-term Health Insurance plans offer many attractive benefits for its members:

$40 Copayment to visit the doctor’s office and/or urgent care clinic.

Access to the PHCS nationwide network of providers.

Annual routine physical is included for each covered person with a $50 Copayment.

It is ideal for those who are:

Between jobs or have been laid off

Ineligible for Obamacare subsidies

Bridging the open enrollment gap

Looking for access to a PPO network

Waiting for employer benefits

Part-time or temporary employee

Recently graduated

Without adequate health insurance

Aspen STM Feature Highlights

Coverage Period Maximums of $1,500,000

Deductible options of $1,000, $2,500, $5,000 or $7,500

Access to the nationwide PHCS Network

Coinsurance options: 70/30, 80/20

Maximum out-of-pocket options: $2,000, $5,000, or $10,000

Purchase in full or make monthly payments

Aspen STM insurance Benefits

Doctor visits

Emergency room

Ambulance coverage

Urgent Care benefits

Hospital coverage

Access to Multiplan PHCS Network

Aspen is available in all states including Virgina, New York, Texas, Arizona, Florida etc.

4.IHC Health Group insurance review (independence holding company)

Review: The IHC Group is an organization of insurance carriers doing business in 35 states and incorporating member insurers such as Standard Security Life, Madison National, and Independence American Insurance Company. Your policy will likely be serviced by one of these companies based on where you live, and some states call for membership in Communicating for America, a national non-profit organization whose mission is to promote health and wellbeing through member benefits.

AM Best gives a Financial Strength Rating (FSR) of A- to the IHC Group and Standard Security Life 4.

Plans differ by state, though, and we did find outliers with lower deductibles, but also higher out of pocket maximums.

Additional coverage for supplemental dental or hospital insurance could be added to plans, and IHC members also receive prescription discount plans and telemedicine consultation options.

Their short term plans common rejections reasons may consist of pre-existing conditions, incorporating anything treated or consulted upon within five years prior to coverage becoming effective.

What is Limited Medical supplemental insurance?

Limited Medical is supplemental insurance that pays you fixed benefits to help with every day medical expenses. You can use its benefits alone or in addition to your primary insurance to give you extra help with those unavoidable out-of-pocket expenses and other costs that major medical insurance doesn’t cover. Your limited liability medical insurance will pay you a predetermined, set amount for common inpatient and outpatient services like doctor visits, daily hospital room, surgery, diagnostic and ambulance service. These are benefits average person can utilize.

Limited Medical coverage does not have any deductibles or coinsurance, while allowing you to put your payments toward the deductibles and coinsurance from your main insurance plan. So, you have coverage even before your primary coverage kicks in.

Why You Need Limited Medical Insurance?

It is no secret that healthcare is a costly affair, and it is also no secret that everyone needs medical care in their lives. Whether you have a high deductible major medical plan and need something to bridge the gap until the deductible is met or just need help controlling out-of-pocket costs, Limited Medical Insurance might be what you’re looking for.

What are Supplemental Health Plans?

Supplemental Health Insurance coordinates with your primary health insurance plan and aids the costs that your primary plan might not cover. This insurance pays fixed cash benefits and generally does not charge copays or deductibles.

What Are the Different Types of Supplemental Plans?

There are many different supplemental health insurance plans. There are even plans specifically curated for those with cancer, serious diseases, accidents, and hospitalization which pay cash benefits in a predetermined lump sum. These plans can pay predetermined benefit amounts for medical needs such as doctor visits, ER, diagnostic tests and x-rays.

What is Accident Insurance?

Accidents are unfortunately an unavoidable part of life, and the severity of an accident varies case to case. Some severe accidents that require emergency medical attention can result in a large total sum of money expected to be paid.

Accident insurance helps protect you in these scenarios. This insurance pays for preset benefits for accidents covered by the plan and usually do not require a deductible or coinsurance. In case you have a broken bone or a serious burn, the plans cover those treatments and coinsurance or deductibles on major medical insurance.

What Does a Supplemental Cancer Plan Cover?

Supplemental Cancer plans cover medical procedures and medications related to cancer treatment, such as chemotherapy, hospitalization, surgery, ambulance service, hospice, hand even some experimental treatments.

There are other medical needs that are often overlooked when considering coverage for those struggling with cancer such as transportation and lodging. Some plans even offer ground and air transportation and lodging when treatment is needed outside of your current city.

What is Limited Hospital Indemnity Insurance?

Limited Hospital Indemnity insurance is a type of supplemental insurance designated to pay the costs of an admission to the hospital that may not be covered by your primary health insurance. These plans also covers employees who are admitted into the ICU or hospital for injuries or sickness and is available for companies with a minimum of only two employees.

Hospital Indemnity Insurance helps minimize the blow these expenses can have on your financial situation. After customizing a policy with your preferred benefit amount, you can use your insurance to pay for day-to- day bills or out-of-pocket medical costs, such as deductibles, co-payments and other expenses.

What is the best short term ppo health insurance?

LifeShield, SGIC, National General, Aflac and PivotHealth offer some of the best short term ppo health plans and are great to get immediate health insurance right now. They have best customizable GAP medical insurance plans for critical illness, accident, AD&D, term life, joint and individual whole life policies, limited medical, and hospital indemnity plans. Joining these supplemental medical insurance plans is also perfect way to cover deductibles for your major medical insurance from major carriers like Florida Blue etc.

What is best Limited Benefit Hospital indemnity insurance for individuals?

Limited Benefit Hospital indemnity insurance from LifeShield, SGIC, Colonial Penn Life and PivotHealth are best options to helps with qualified out-of-pocket expenses, like a hospital stay and are particularly helpful since a majority of Americans don’t have enough savings to cover unplanned medical bills.

After customizing a policy with your desired benefit sum, you may use your coverage to pay for day-to-day bills or out-of-pocket medical bills, such as deductibles, co-payments and other expenditures. Limited Hospital indemnity insurance plans typically have clear benefit levels so you are fully aware of the exact amount that’s payable for covered services and are paid to you directly.

The payments can be used for any purpose, including: Medical copays. For example, Colonial Penn Life hospital confinement indemnity insurance can pay up to $1,200 per month for Hospital Confinement Benefit for hospital confinement expenses that aren’t covered by health insurance.

Critical illness vs Hospital indemnity insurance

Apparently, there is no general response to this question as it’s difficult to form a one-size-fits-all approach. To be able to identify which policy you should buy first (or at all), you first have to consider your individual specific diet and lifestyle situation and health. Are you at risk of heart disease, stroke, or cancer? Are you not at risk but want the added protection from major medical emergencies? Are you enrolled in contact sports?

What is best Critical illness insurance policy?

SGIC, LifeShield, Aflac off some of the best Critical illness insurance plans. These plans cover the most common critical illnesses: cancer, heart attack, and stroke, as well as assistance with Activities of Daily Living and Alzheimer’s disease. These critical illness plans pay you directly a lump sum benefit to use however you need it usually up to $150,000 in lump sum benefit per critical illness paid directly to you. They also help paying daily living, or travel expenses during the illness.

What STM/temporary insurance companies provide prescription drug coverage?

Some short-term plans offered by PivotHealth, IHC, UnitedHealthCare might also offer coverage for prescription medications and other benefits. But usually, they are not the cheaper plans and you have to pay a higher premium to receive those additional benefits. Many plans do not offer benefits for preventative, vision, dental, and mental health care. LifeShield offers best plans for psychiatric care, Mental Health and Wellbeing.

What STM/temporary insurance companies provide teladoc/telemedicine services?

LifeShield, Pivot Health, UnitedHealthCare are few STM insurance companies that offer teladoc/telemedicine services. You can get a consultation with a doctor 24 hours a day, 365 days a year, by web, phone, or mobile app.

What are cheap short term health insurance for supplemental health care?

LifeShield, SGIC and PivotHealth offer some of the best affordable low-cost short term health insurance plans that are great for supplemental health care as well as good way to cover deductibles and bridge open enrollment GAP.

Is Aflac GAP supplemental insurance good?

Though Aflac is the most recognized supplemental insurance company, many other competitors like LifeShield, SGIC offer comparable products and are good alternatives to Aflac GAP supplemental insurance.

What does Aflac GAP secondary supplemental health insurance cover?

Like LifeShield, and National General, Aflac GAP also offers plans to cover critical illness, accident, cancer insurance and other supplemental insurance and pay out a cash benefits. Another effective use of Aflac GAP supplemental insurance is for prescription drug coverage, dental and vision coverage.

 

 

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/