Anti-Broker Benefits, LLC
"Finally Someone You Can Trust"
The Mission: Detach from stigmas and tendencies associated with most commercial insurance brokers and provide unparalleled guidance based on unique professional experiences and operational perspectives.
Debunking Benefits & Insurance Myths
Myth #1
"We received a rate pass or nominal increase on our health insurance renewal. We should be ecstatic given the health insurance environment, i.e., take it and run!"
Truth #1
This is a mistake I see employers make time and time again. It's often easy to accept the temptation of a favorable renewal from your current insurance carrier(s) because of reduced administrative burden, etc. However, this is when you should most actively shop your benefit plan(s). The fact that you received that favorable renewal suggests you are profitable for the carrier and, therefore, other carriers would likely be aggressive with their offers. Don't wait to market your plans until you are unprofitable, i.e., the likelihood of competitive offers is less. Your broker will probably also pat themselves on the back for a job well done and welcome that path of least resistance.
Myth #2
"Self-insurance is too risky for our organization. We'd rather be fully insured and enjoy the benefits of 'pooling' with other employers."
Truth #2
In response to this, I'll pose one question, "When's the last time you received a decrease on your health insurance renewal?" The fact of the matter is, being fully insured is more risky, in my opinion, than being self-insured. You realize immediate savings (along with cash flow benefits) by moving from fully insured to self-insured, and you can also structure your premium so that the maximum liability for the organization is accounted for, i.e., there is no big unknown risk hanging out there if you have catastrophic claims. If you are fully insured, you have no chance of winning (premiums are a sunk cost), only the reality of yearly increases. If you're self-funded, you have the chance to use cutting edge population health management techniques to manage what is really driving your claims, build a funding reserve and spend significantly less on your premiums over time. Biometric screenings and health risk assessments are NOT the answer, along with other gimmicks that may be out there in the market. Funding is the key that unlocks everything.
Myth #3
"We've used our current broker for years; we're confident he/she has our best interest in mind."
Truth #3
While I don't doubt there are honest and transparent agents in the market, just know that the standard compensation model for brokers is to receive a commission on your insurance premiums. Even with recent enacted legislation, it's surprising to me how many employers don't know how much they are paying their consultant in total. Furthermore, the commission model encourages lack of good faith on a client's behalf. Pause and think about it, if your premiums increase, then your broker gets a raise as well in the commission model. You can net commissions from your premiums and accept flat fees or PEPM arrangements, but even then, there should be some agreed upon cap of your agent's compensation. My advice ... agree on a number based on market rates and the level of support provided and pay those fees separately through your standard accounts payable process.
Myth #4
"We've had high claims over the last year and don't have much recourse other than to accept a large increase from our insurance carrier."
Truth #4
First and foremost, see above. Your broker is likely jumping for joy internally and masking it with some story about how carriers will decline to quote on your business, i.e., you really don't have any options. While that may be partially true, you DO have options. You can get creative with how you layer on additional voluntary benefits and other cost avoidance strategies. My advice in this case, especially to smaller employers in the market, is to use health insurance for what it is as catastrophic coverage for employees. Once you layer in such things as critical illness or hospital indemnity protection, your employees' net out-of-pocket (OOP) may be less than it was before with significantly less due in premiums. Another strategy might be to consider Direct Primary Care (DPC) as an employer paid benefit, which gets your employees free day-to-day healthcare (think unlimited & free urgent care, with brick & mortar locations and 24/7 access). The essence of DPC is to break the mold of traditional healthcare and be more patient-centric, which is also a favorable approach in terms of cost avoidance. Steps like this can get your claims trending in the right direction to then take more progressive and holistic approaches to long-term sustainability.
Myth #5
"We've benchmarked our benefits and are confident that we are competitive with our total rewards offerings."
Truth #5
The purpose of a competitive employee benefits package is to support the overall objectives of your organizational and talent plans, including your total rewards strategy. However, many employers don't do an adequate job of gauging employee perceptions. Such things as surveys and focus groups are critical to making sure your offerings actually align with your employee perceptions and achieve your desired objectives. Whether it's providing best in class benefits or creating a world class culture, make sure your consultant is having these conversations with you as part of their scope of services. Additionally, a sound communications infrastructure is the medium through which you maintain successful programs. With many employers in many different industries struggling to source adequate talent, you can't afford to neglect these conversations.
Myth #6
"As a large employer, our only option is to partner with the largest brokerage firms because they have the resources we need to fulfill our fiduciary obligations."
Truth #6
This is the common reaction I get when speaking with potential clients that employ a significant number of employees. The bottom line is that I have personally managed large, self-funded programs during my HR career and serviced large client accounts during my other career roles. My perspective is that I know what's needed to successfully partner with clients of all sizes. By having autonomy and flexibility to source "best of breed" resources for my clients, I'm confident their overall experience and outcomes will be better than if they partner with the larger agencies that have less organizational flexibility. Additionally, in all facets of my career, it has always been my experience that the larger agencies simply aren't that great at hiring adequate account management staff. So, if you don't want to be handed off after the sale to someone you haven't personally vetted and/or if you're interested in potentially co-sourcing your day-to-day service manager, Anti-Broker Benefits, LLC is your solution. In fact, it may actually be the best way to satisfy that fiduciary obligation the larger agencies are quick to reference.
HR Director
“Chace's ability to think outside of the box has improved our benefits package significantly while saving our company tens of thousands in health insurance spend."
Chief People Officer
"Even though we are a smaller employer group, Chace has shown us the same attention as you might expect as a larger employer. We highly recommend his services."
HR Manager
“There aren't many consultants I've engaged with that have the ability to think analytically the way Chace does. You should definitely hear him out”