PLANO, Texas–CU Benefits Alliance, an employee benefits consulting firm exclusively serving the credit union community, said it is “on a mission to reduce the cost of healthcare.”
“Credit unions now have the ability to stop one of the biggest cash flow leaks in their organization,” the company said. “The average 100-employee credit union is spending $236,375 more per year than they should for health benefits. Credit union leaders are often considered innovators in the financial services world. But, when it comes to managing one of their top three expenses (employee benefits), they have generally chosen to accept the status quo.”
According to the company, dozens of credit unions have joined CU Benefits Alliance to gain access to preferred pricing for their group health coverage. The program offers the flexibility of level-funded group health coverage with the key features of cost containment, integrated wellness, care coordination, and disease management. It provides a more strategic approach to managing healthcare costs while still providing employees great benefits.
Among the benefits:
- Premium savings averaging 15% from traditional health insurance plans
- Integrated wellness incentives and cash-rewards for employees and their families
- Lower individual deductibles with a $500 deductible credit available to wellness participants
- 24/7/365 telemedicine, outpatient lab, diabetic supplies and Rx benefits included
“Unfortunately, most employers have accepted the status quo and believe if their renewal comes in below healthcare trend, they are getting a good deal,” CU Benefits Alliance said. “They are budgeting for 6-10% increases annually. But, for those who have joined the CU Benefits Alliance program, the results have been amazing. The average 100-employee credit union has generated more than $1 million in cost reduction over five years.”Through the new Interest Credit Union Benefits program, the company said credit unions can take advantage of economies of scale pricing for their group health program. It goes beyond traditional group health products for a more strategic approach to managing healthcare costs -- one that addresses employee health behaviors while still providing great benefits.
For info: www.cubenefitsalliance.com.