SHRM September 12, 2021
Moving toward self-funding in stages can reduce plan costs
LAS VEGAS — Fully funded group health plans can be “a rigged system” on behalf of insurance carriers and benefit brokers, cautioned Steve Watson, SHRM-SCP, speaking at the SHRM Annual Conference & Expo 2021.
Many organizations are now renegotiating health benefits for 2022 with insurance carriers, or getting ready to do so, said Watson, CEO of Trendbreakers, a group health plan consultancy.
As an HR leader, he once had to tell employees that their premiums were going up 20 percent while their benefits were being watered down. “I decided I never wanted to be in that position again,” he said.
The average cost of an employer-sponsored family plan is now more...
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