INDIANAPOLIS—Health care insurance costs were at the top of the list of the most pressing issues for rubber products executives in 2019, according to the Association for Rubber Products Manufacturers' State of the Industry Report.
"This issue is not going to go away and is even a larger part of the issues related to workforce recruitment and retention for our industry," ARPM Managing Director Letha Keslar, managing director for ARPM said in a news release. "We are using the power of large numbers to not only provide our members with competitive options but to also bring innovative solutions and a focus on employee engagement to impact the entire system."
To this end, ARPM held a six-hour session April 9 where members of several associations under the umbrella of ARPM's management company could gain a better understanding about the First Resource Captive Insurance three-pronged platform. The session covered the current state of the health insurance marketplace, how captives fundamentally operate and how the platform incorporates funding and financing, innovation and employee engagement to deescalate rising insurance cost trends, ARPM said.
"The Association Health Plan revisions under the Trump administration did nothing to address the issue with crossing state boundaries which is the one element needed to aggregate our buying power,"ARPM Executive Director Troy Nix said in a statement."
Nix went on to note that the captive solution ARPM implemented has more than 12,000 lives and is continuing to gain momentum.
"While the entrance price point is competitive, it is important to understand that we are not buying business as all companies are individually underwritten so that risk is not shared," Nix said. "With this said, the captive renewal rates have continually beaten the marketplace which is one of the long term goals."