Triton launches captive health insurance program

Program would allow smaller companies to come together as unit — and thus get more competitive pricing

Medical and health insurance claim form with stethoscope on clipboard

Triton Benefits & HR Solutions, a national employee benefits broker and HR consultant based in Woodbridge, announced Tuesday 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.

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.

Triton officials said they are targeting organizations with up to 5,000 employees. They feel their captive program provides an array of insurance options from leading reinsurers and includes the networks of United Healthcare, Aetna and Cigna.

Triton CEO Steve Rosenthal feels the COVID-19 pandemic has changed the way many organizations are conducting business. He thinks the firm’s captive program enable employers to better manage their total cost of risk and provide control over health care costs with greater flexibility of benefit plan design.

“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,” he said.

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.

Self-insured plans allow employers to take advantage of pharmaceutical rebates and provides employers with quality care at an affordable price, Rosenthal said.