There is now an alternative to the ACA exchange and private insurance for our sole proprietors and 1099 contractors. Our new SPARK captive program may help you and your dependents qualify for quality, affordable coverage that works with your lifestyle, gives you the best care possible and fits with your financial picture. Take care of yourself and your family.
The SPARK captive harnesses the size and scale of its members to lock in savings for members and their families in good health.
Business Owners, Sole Proprietors, Independent Contractors and their families are eligible to participate in this program. Employees are not eligible for this program, unless they are also independent contractors; they should apply separately.
Please Note: To be eligible for this program you must have a legal business entity in the form of a Tax ID. This allows you to participate as an ‘employer of one’, which is a requirement of the plan.
Similar to ACA plans, qualified preventative services are not subject to the deductible, and are covered 100% by the program.
A captive looks like other insurance plans to others, but is structured differently. As a covered member you have ownership in the program. Members self-insure their healthcare costs up to a pre-established level. If claims are low, the savings goes toward the program – resulting in potential saving for the next coverage year. If claims are high, the program is protected by “stop-loss insurance”. Stop-loss coverage caps your maximum exposure. Part of your monthly payment includes stop-loss insurance.
Each month you make a payment that covers the fixed costs of your plan: The health premium, stop-loss insurance, technology, administrative and sales fees. This monthly payment is fixed for the full year.
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