Leadership in Action

Employers are being taken for a massive and costly ride by both insurance brokers and the health insurance companies at large. Andrew Roberts is showing smaller employers that there is a way to avoid the ever-increasing rates offered by the health insurance companies. Enter self-funded insurance plans. You’ll learn why your company is being upcharged every year by your broker, how going self-funded can benefit the well-being of your employees, and what the ingredients of the self-funding secret sauce are.   Takeaways Although many entrepreneurs and business leaders accept that health insurance costs going up are a foregone conclusion, this is not the case. They assume the increase will occur because they have been conditioned to, however, there are opportunities to save. Healthcare makes up 20% of the US economy, 50% of which is paid for by employers. The healthcare system is rigged against employers and will stay that way until employers do something to take control back. To take back control, employers need to work with an advisor who is aligned with their objectives. Both parties need to be present when dealing with insurance brokers who are incentivized to sell insurance company products with big commissions and bonuses.  Employers need to be self-funded. While this may seem daunting, it can be done very conservatively, to the point where it can actually be safer than being fully insured. Using a stop-loss insurance policy can protect the business from paying huge amounts. The costs for self-funding can be divided into three buckets which are claims, administration costs, and stop-loss insurance.  By using self-funded insurance, companies can save at least 10% of what they would be paying to an outside insurance company for the same level of coverage. The secret sauce of self-funding requires transparency, a fee-based advisor with a fiduciary mindset that can be an advocate for employees, and an independent TPA also with a fiduciary mindset.   Links:  LinkedIn: https://www.linkedin.com/in/andrew-roberts-090228/ Email: aroberts@amrbenefits.com Cellphone: (781) 799-0653 Company website: https://www.amrbenefits.com/ Health Rosetta website: https://healthrosetta.org/   Quote of the Show “There is a misnomer that if it costs more it's better, not true” - Andrew Roberts    Book Recommendations: The CEO's Guide to Restoring the American Dream by David Chase No Ego by Cy Wakeman Mindset by Carol Dweck    Ways to Tune In: Apple Podcast - https://podcasts.apple.com/us/podcast/leadership-in-action/id1585042233 Spotify - https://open.spotify.com/show/2t4Ksk4TwmZ6MSfAHXGkJI Stitcher - https://www.stitcher.com/show/leadership-in-action Google Play - https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc2hpcGluYWN0aW9uLmxpdmUvZmVlZC54bWw Amazon Music - https://music.amazon.com/podcasts/4263fd02-8c9b-495e-bd31-2e5aef21ff6b/leadership-in-action YouTube - https://youtu.be/BYquLlfQNZk