We provide fiduciary and consulting services to business owners and their employees.
One of our clients is an accounting firm in Metro Boston with an HMO Blue Cross Blue Shield health plan that has rich benefits (meaning low deductible plan and generous benefits) at $500 for individual and $1,000 for family deductible, with no co-insurance. There are 52 employees in the plan.
The annual premiums were $607,000, and they were facing an 8% renewal increase or about a $49,000 price hike (2/3 paid by company and 1/3 paid by employee), which is painful for everyone because that’s a lot of money.
The client felt cornered—frustrated with the constant premium increases at the annual renewal but reluctant to reduce the level of benefits. He needed to keep offering generous health benefits, or he’d risk losing key employees to competitors.
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