With Health Care Reform in full stride, many Life Science employers are finding that even with a healthy employee population, their benefits rates are increasing. Although life science and biotech are preferred risk industries for health underwriters, small companies with younger demographics are seeing the negative impacts of the Affordable Care Act (ACA).
Many employers are seeking ways to lower employee benefits rates while complying with the ACA. One opportunity for small companies to keep their costs low is to join a benefits trust, where multiple employers come together under a common entity. Our Beyond Benefits Trust, designed for Biocom member companies, does just this.
So why join? What’s in it for you? With more than 2,500 enrolled employees, Beyond Benefits delivers major advantages for Biotech employers. Specifically:
- Favorable underwriting: When one small company combines with other small to medium-sized employers, the insurance company pools demographic information, which gives you the exceptional rates of a large company.
- Health care Reform solutions: Based on the way the ACA law was developed, it is estimated that the youngest and healthiest employer groups will see health care expenses increase by 50 percent or more. Fortunately, because the Beyond Benefits Trust is treated as one large group, each small company who joins can avoid these sky-rocketing increases and changes in rate structure.
- Major Savings: Now in its fourth year, Beyond Benefits has saved employers over $5.8 in annual medical premium, and the total medical premium in the trust has reached $77.5 million.
In addition to the numerous cost benefits the Trust provides, member companies receive value-added services, such as simplified administration, an online enrollment portal, a dedicated service contact for all plans, wellness, COBRA and more.
We’re pushing the envelope for life science employers with a program designed to safeguard employees, attract key talent to your organization and protect your bottom line. Determine if you’re eligible for the Beyond Benefits Trust.