Today, Employees First, a women-owned business, launched its groundbreaking Benefits-Captive-as-a-Service™ solution, revolutionizing the voluntary benefits landscape. The model utilizes a captive financial structure, offering employers unprecedented transparency and control over voluntary benefits, similar to self-funded health plans. By redirecting funds typically retained as industry profits, employers can now enhance employee benefits or reduce costs.
“Our solution represents the next generation of voluntary benefits,” commented Amy Hollis, Employees First’s founder and CEO. “The accelerated growth of supplemental health plans, specifically Critical Illness, Hospital Indemnity and Accident/Injury benefits, is directly correlated to rising healthcare costs and unavoidable cost-shifting to employees. Typically, 100% of the premiums are paid by employees, and our program offers a way to help employers maximize the financial benefit for their employees.”
The adoption process for this innovative program is designed to be seamless, with minimal disruption for employers and employees. Conversion can occur outside the annual enrollment season, with no changes to plan administration. The program complies with ERISA’s statutory requirements, ensuring legal soundness. A senior benefits representative from a Fortune 100 transportation company praised the model for enhancing transparency, enabling more efficient resource use, and supporting business diversity through partnership with a women-owned company.
