In this episode of Beers with Contractors, hosts Will and Terry discuss the complexities and benefits of captive insurance with seasoned insurance executive Rich Hess from Plexus Group. The conversation unpacks how small businesses and contractors can navigate rising insurance costs, explores the concept of captive insurance, and provides practical advice on making informed decisions. Rich shares his extensive experience in the industry, including his transition from a traditional broker to a consultant role, emphasizing the importance of consumerism in healthcare. The episode also touches on how technology and AI are revolutionizing the insurance landscape and offers insights into self-paid health plans, property insurance, and the future of captive insurance amid changing demographics and economic conditions.
00:00 Trailer
01:23 Terry and His Historical Property
04:37 Introducing Today's Guest: Rich Hess
05:33 Understanding Captive Insurance
07:16 Benefits of Self-Funded Insurance Plans
17:47 Consumerism in Healthcare
23:56 Captive Insurance: Getting Started
34:14 Understanding Stop-Loss Insurance
35:57 Exploring Captive Insurance
37:03 Captive Insurance for Real Estate Investors
39:04 Health Share Plans for Small Employers
40:08 The Importance of Consumerism in Healthcare
52:52 Navigating Healthcare Costs with AI
57:39 Rich's Career Screw-Up and Lessons Learned
01:03:55 Conclusion
Contact Rich Hess at:
Website: https://www.plexusgroupe.com/
LinkedIn: https://www.linkedin.com/in/rich-hess-8106a5122/
Instagram: https://www.instagram.com/plexusgroupe
Facebook: https://www.facebook.com/theplexusgroupe/
Twitter: https://x.com/plexusgroupe
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https://www.foundationrescuesupply.com/
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