Faced with multiple health conditions, this group’s health insurance rates increased 6% – 15%, annually, for years — sound familiar?
Before seeking our council, their Broker provided 4 options:
- Pass increases onto their employees and suffer higher employee turnover
- Absorb the increases and weaken their balance-sheet
- Water-down benefits and hope employees didn’t leave for a competitor
- Switch insurance carriers and hope they didn’t raise rates significantly year two
All of these options posed significant business risks.
Their leadership engaged with Health Compass Consulting and developed a strategy that improved benefits, cash-flow, and resulted in a first-year savings of $3,000/Employee.
This was important to the company as it strengthened their balance-sheet and reduced the scourge of employee turn-over.
Today, their plan’s inflationary rate is in line with their other expenses — a sustainable 2% per year.
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