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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