☰Yes. A captive puts the employer on the risk side of its own benefits, and the entry point is usually medical stop-loss, which has its own entry. Beyond stop-loss, captives participate in life, disability, and voluntary benefits programs, where the same ownership economics apply.
Premium that does not pay claims stays in the captive as surplus, and the program can fund the wellness and cost-containment work that actually bends the trend. The commercial benefits market gives buyers almost no visibility into where their spend goes, which is what pulls employers toward ownership. Certain benefit lines carry additional regulatory requirements, including US Department of Labor involvement for some ERISA-covered benefits, so the structure needs to be designed with counsel from the start.