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It’s Not A Typo. Employee Benefit Rates Are Actually Going Down For Some Life Science And Biotech Companies.

By Madalyn Altschuler, Manager, MarketLink & Benefits Communications

clock September 13, 2016 at 10:05 AM

At a time when employee benefits are rising at almost double-digit rates, how is it possible for rates to be dropping for some firms?

You just need to belong to Beyond Benefits.

The window of opportunity, however, is quickly closing. Deadline for enrollment in the trust and access to below market rates is September 30, 2016.

bb_logo.jpgFounded by BIOCOM in partnership with Marsh & McLennan Agency, Beyond Benefits enables life science and biotech companies to pool their purchasing power and secure employee benefit rates similar to organizations with a large number of employees.

In 2017, the 198 members of Beyond Benefits will see a 1.4% rate reduction. Meanwhile, companies not participating in Beyond Benefits will likely face an average rate increase of 9.2%* in 2017.

Since 2012, Beyond Benefits has saved member companies more than $89 million in medical premiums, or about $6 million annually. More than 6,500 biotech and life sciences employees are covered by the program.

MMA resident expert, Nicole Mehrara, recently weighed in on the opportunities and challenges facing life science/biotech firms. Read on to learn how your organization can start leveraging the pooling power of a dynamic and growing industry to manage health care costs.

For more information about Beyond Benefits or to receive a complimentary rate comparison, contact Madalyn Altschuler, madalyn.altschuler@marshmma.com, 858.587.7472.

*Source: Data based on Anthem renewal trend

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Topics: Employee Benefits, Market Trends

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