WOODBRIDGE, N.J.--(BUSINESS WIRE)--Triton Benefits & HR Solutions, a national employee benefits broker and HR consultant, today announced the launch of its captive insurance program that allows employers to combine employees claims experience with other like-minded businesses to control medical insurance costs. Targeting organizations with up to 5,000 employees, Triton’s captive program provides an array of insurance options from leading re-insurers and includes the networks of United Healthcare, Aetna and Cigna.
A captive consists of a collection of companies that come together to create a fund, commonly known as a buying group. Since the owners are also the insureds in a captive, they are able to exert much greater control to negotiate terms such as renewal cycles. Unlike a traditional insurance plan, the goal of a captive is to reduce the risk of its member companies while providing flexible, high-quality insurance coverage.
The impact of the COVID-19 pandemic has changed the way many organizations are conducting business. Triton’s captive program enables employers to better manage their total cost of risk and provide control over healthcare costs with greater flexibility of benefit plan design. Working with clients, Triton utilizes analytics to help employers align their organization’s needs with the best healthcare plan options and budget.
“Providing group healthcare options for our employees and their families is a key component to our firm,” explained David Zilberman, Chief Financial Officer, MLD Mortgage. “Triton recommended a self-funded benefit plan that was more comprehensive than what we previously had, and it’s proved to be ideal for all our employees.”
Self-insured plans allow employers to take advantage of pharmaceutical rebates and provides employers with quality care – all at an affordable price. Triton’s captive program provides plans that are licensed and protected by the Department of Insurance and ensures employers are exempt from ACA surcharges and tax on insurance premiums.
"Our captive health insurance program has played an integral role in helping business owners offer affordable benefits programs," said Steve Rosenthal, President and CEO of Triton Benefits & HR Solutions. “Organizations from different industries have leveraged captive health insurance programs to reduce costs, lower their risk, and provide financial flexibility and control, especially as they navigate through the COVID-19 pandemic.”
Register now for a free webinar to learn about the importance of a cost-containment program hosted by Steve Rosenthal, President and CEO of Triton Benefits & HR Solutions, along with Tyler Hersch, Regional Vice President of Pareto Health on April 21st at 3:00 PM EDT.
About Triton Benefits & HR Solutions
Triton Benefits & HR Solutions is a national group health benefits brokerage firm with services that include payroll technology and human resource consulting. Triton is committed to helping organizations navigate the complexities of employee benefits and human resources. Headquartered in Woodbridge, NJ the company has additional offices in New York, Texas, and Philadelphia. For more information about Triton Benefits & HR Solutions and its services, visit TritonHR.com.