social-facebook-header social-twitter-header social-google-header social-youtube-header social-linkedin-header

How Tech Companies Can Purchase Employee Benefits

By Shawn Pynes, Principal, Director of Employee Benefits Division

Find me on:

clock May 19, 2014 at 10:00 AM

Benefits_Tech_Trust_Logo-1When is something worth doing twice?

When it works very well.

The Benefits Technology Trust is similar to a highly successful trust program we pioneered two years ago that enables life science and biotech companies to pool their purchasing power to buy employee benefits at more competitive prices.

Since the Beyond Benefits trust launched in January 2012, 185 biotech firms have saved more than $5.8 million in annual medical premium. In total, Beyond Benefits now covers more than 5,500 employees.

Opportunity For Tech Companies

The Technology Trust operates much like Beyond Benefits and addresses a genuine problem for growing tech companies: How to attract and retain the best technology talent. In California in particular, the biggest impediment to growth for many tech companies is getting the right people.

Established tech companies such as Google, Facebook, Oracle and others typically offer rich benefits programs. That’s a challenge for private or pre-IPO companies that don’t have the revenue to support similar benefits packages.

Another big challenge for growing companies is controlling benefits costs. Marsh & McLennan Agency's own projections forecast that in spite of the Affordable Care Act, health care costs will more than double for employers in the next five years.

How It Works

The Technology Trust allows mid-size technology companies to collectively use their purchasing power to get a better deal. Equally as important, the trust program offers a full range of benefits, such as medical, dental, life, vision, disability, wellness, and COBRA, from brand name insurance companies.

Another key feature is Elite Comp, a workers' compensation program offering below-market rates to technology industry organizations. Workers compensation is one of the costliest programs for any company, and Elite Comp is a terrific way to manage that liability.

Flexible Design

We built The Technology Trust to reflect the realities of today’s healthcare business. It can be used in a private exchange format. That’s an increasingly popular way to allot employees a defined contribution to give plan participants a broader choice of benefits.

The Technology Trust will also streamline the benefits enrollment process. Companies can direct employees to MMA's online portal to make their selections, manage their benefits and get information. Barney & Barney’s Member Support team, included in the trust program, can also counsel employees in selecting the best plan options for themselves and their families.

Let Us Help You

Among our existing clients, The Technology Trust is already generating strong interest. Many of the more than 250 technology companies we serve recognize the value of getting more for their employee benefits dollar.

If you’re a technology company and have a benefits program up for a review or would like a program assessment, we can show you how your benefits dollar can go farther. Contact us to learn how.

Learn more

 

Topics: Employee Benefits, Health Care Reform, Technology

Subscribe to the Blog

Follow Us


Search Blog