Is your health insurance cost taking over your general ledger? According to an annual poll of employers performed by the Kaiser Family Foundation and the Health Research and Educational Trust, employers’ health insurance premiums rose by an average of 9% in the past year. The time has come to find creative solutions, but this is a big area to tackle on your own.
Most CEOs turn to a health benefits agent/benefits consultant. Although many of these advisors do have the pulse on the industry and can offer some good advice, their payment is that of an insurance broker -- determined by a commission base or percentage of the premium you pay. The transparency of recommendations can then become muddled and the choices can become narrow.
On a recent discussion on a CFO Linkedin board, many CFO’s commented about their favorable experience looking at options “outside the box” and using a consultant not paid through commission. The CFOs found the creative options provided greater benefits, more customizable benefits to their employee base, and far better savings than their traditional brokers had brought to the table. All in all, the businesses won and the employees won – surely the divine goal of a savvy CFO.
ERA’s independent, impartial and objective analysis of insurance is provided by Consultants with industry expertise who are licensed Property and Casualty brokers. ERA Consultants do not sell or broker insurance or provide recommendations regarding competing insurers’ products. This information is provided by your preferred broker.
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