NWCUA Puts Health Care Benefits Plan to the Test; Thumbs Up!
December 26, 2013
Dec. 26, 2013
The Affordable Care Act has employers grappling with compliance issues while uninsured consumers surf the Exchanges for coverage and navigate online breakdowns.
Against that backdrop, you may be evaluating your credit union’s benefits plans to make sure your employees are getting the best coverage at the best available rates.
You’re not alone. The Northwest Credit Union Association evaluated its own benefits package provided by The Trust, and the results were affirming.
Managed by Brown & Brown of Washington, The Trust is a partnership of Northwest financial associations, premier benefit vendors and a customer-focused benefits consultant. The aggregate buying power saves costs and the number of participants ensures that excellent vendors offer customized, high-value plans at competitive prices. The Trust is a Strategic Link business partner, so NWCUA member credit unions are encouraged to leverage this partnership for their own benefits packages.
“The Trust certainly provides benefits our employees rave about,” says Jennifer Huggard, assistant vice president of talent for the NWCUA. “In addition to great benefits, The Trust spreads risks and reduces costs. Since we are offering our member credit unions the opportunity to leverage The Trust, we had Brown & Brown complete a full market search to ensure that we are receiving the value and service we’re promoting to our credit unions. Well, we are. Our coverage plan passed the test in a big way.”
The bottom line, Huggard reports, is a savings of $35,000-$78,000 when weighed against insuring the Association’s employees with other carriers with similar, but in most cases less-rich, plan options available on the open market. In addition, Huggard notes, the Association has benefitted for the last decade from annual increases that have been less than half of what the Northwest’s health care market increases have been.
In addition to great rates, The Trust also provides richer coverage options to its customers than they could find on the open market.
“On our own, we would be in a community-rate small group that would provide us with limited options. But with The Trust, we have the choices and buying power of a large group with several thousand employees,” Huggard says.
The Trust will conduct an employee benefit analysis for credit unions at no cost. For more information, contact Donna Losch, SVP and Senior Consultant for Brown & Brown, at 253.396.5544.
Questions? Contact Lynn Heider: 503.350.2225, email@example.com.
Posted in NWCUA.