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A Closer Look added a refrigerator stocked with hard for us when we needed their help." healthy eating options at subsidized According to Truax, one of the prices, as well as a basketball hoop. barriers for the self-insured captive Before deciding on the captive health plan has been insurance agents who insurance plan, W.I. Clark compared don't understand self-insured plans. their current plan with information "They have a vested interest in keepfrom Veritas that outlined the maxiing employers in fully funded plans," mum and potential exposure. "When he added. we extrapolated what we thought The decision most often rests with could be the increases from our regular CEOs and CFOs. "It's a matter of carrier over two to five years and compared that with the Veritas plan, we felt we could do much better with Veritas," said Hansen. Is There a Downside? Both Hansen and Truax believe that some companies just aren't comfortable with the downside risk of being self-insured. Nevertheless, Truax says ACA has generated "a huge uptick" of interest in self-insuring. Hansen's initial perception was that self-insurance was only for large companies. However, he found out the minimum number of employees required for the AED plan is 50. W.I. Clark has 50 employees on the plan out of 75 total employees. According to Truax, even those companies with fewer than 50 employees should contact Veritas about other self-insured options. Changing networks was a big Before making a decision they asked employees for the names of their health care providers to ensure they had adequate coverage on the new network. "Everyone is much more comfortable with the plan now," said Hansen. "In some cases, employees did have to switch doctors, which initially caused some concern." Veritas also sets the company up with the stop loss insurance provider, as well as a third party administrator. According to Truax, plan designs are completely flexible. In the case of W.I. Clark, the new coverage was very similar if not better than the prior coverage. Hansen says that though they had some initial bumps in the road with the new provider, things have smoothed out nicely. "Every now and then we have asked Veritas to get involved. They have been responsive and have worked getting engaged and getting educated, and thinking differently about how they pay for their second most expensive line item behind payroll," Truax said. Because fully insured contracts are typically only for 30 days, you can consider self-insurance at any time during the year. Call Gail Lisek at 630601-1498 or e-mail sales@veritasrs.com to learn about your options. n Multi-ply Your Money! Multi-Ripper Bucket with the award winning excavator rock ripping ® Hi-Cap Multi-Ripper Bucket Multi-Ripper Bucket on s seenhannel's A yc scover it show Di 1 h # d Rush" Maximize force one tooth at a time, "Gol with our patented "Shanks on an Arc" technology. 6 to 9 times the force of a standard 5 tooth bucket TM 4 times faster than a hammer eading dge Also, try our award winning Multi-Ripper Teeth (Twisted) for maximum penetration "Leader in Excavator Rock Ripping Attachments" Operators Claim: ttachments, www.digrock.com "the best attachment sales@leattach.com ® Inc. 866-928-5800 or 508-829-4855 I ever bought!" October 2013 | Construction Equipment Distribution | www.cedmag.com | 45 44_A Closer Look_KP.indd 45 9/27/13 12:35 PM