A Collective Solution to Health Insurance Challenges

Recently many of the health insurers in New England announced major losses. The forecast is that this will result in some very difficult health insurance renewals – on top of the 8-10% companies have experienced in past years. As one of our members put it, “the current increases will double the health insurance budget for a credit union.”  These increases are not sustainable, especially on top of other pressures.

Many of you have approached us in the past about working together to purchase health insurance in a more efficient manner. There are different ways to approach this but one such way is by banding together into a captive to collectively use our scale to obtain better priced health insurance all the while delivering great care for your employees. We know of several CCUA members who already utilize a captive and have achieved fantastic results. Think of what we could do if we worked together on the health insurance dilemma. If a captive is not for your organization, there are other options that work very well that we could suggest.

The Alera Group who is one of our preferred vendors, will be attending our CU Accelerate meeting in May in Newport. They would be happy to discuss the captive or other options with you. In addition, they will be sponsoring a Lunch and Learn (or dinner) for those interested parties who would like to participate and learn more about a captive solution at a future date. Here’s an educational piece about how captives can control health care costs, and this link about healthcare strategies.     

The CCUA provides power in numbers so let’s use our collective leverage to tackle this ever increasingly difficult health insurance problem.