Doug Truax, CEO and founder of Everlong Captive, Captive Health Insurance recently said that many small business owners are stuck with rising traditional health care costs and are blind to the cost savings that are within their reach.
During his podcast, Traux said, "employers who are members of Everlong's high performance health insurance captives get to take the profits that health insurance carriers make and pay that money back to themselves with an innovative insurance and funding solution."
Through Everlong, employers are capable of providing employees quality health insurance without the expensive premiums charged by traditional carriers.
Special guest Terrie Ames of ML Holdings in Denver appeared on the podcast and described her experience with the same solutions as a decade-long hamster wheel. In 2010, her company was presented with a 26% rate increase on their fully insured health plan. Ames and her CEO agreed they were not going to spend a penny more on a fully insured plan and decided it was time to take decisive action with Everlong.
Ames describes her open enrollment process for health insurance as fighting after the lowest bid, so they had a new vendor and a new network every year, yet her prices still went up.
"Our employees were never happy," Ames said.
Now, Ames and ML Holdings are coming up on their 12th annual renewal with Everlong Captive.
Ames said her success was due to her being able to see Truax's vision.
"When we made the change, it was kind of like jumping out of an airplane without a parachute," she said.
They did not know what to expect with this "group captive" insurance.
Ames also discussed a situation when one of her competitors' employees came to work for them. The employee was looking at the rates during open enrollment and began asking questions because she couldn't believe how low the rates were. Along with that, with her prior employer's health coverage, she was the only person liable on the plan and her husband and kids were not able to be included.
Through her new Everlong Captive plan, her entire family is now covered and insured under the same plan.