The Problem:
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.
The Solution:
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.
Next Steps:
If your company has faced similar challenges and you’re ready to take action, feel free to contact Health Compass Consulting and schedule your free assessment here.
For more information, please see our articles in Yahoo Finance or visit our website.