4_2_Case_Study__Elite_Financial.docx OL 325 4-2Case Study: Elite Financial Services Southern New Hampshire University Health Care at Elite Financial Services Presently Elite Financial Services offers medical, opti
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4_2_Case_Study__Elite_Financial.docx OL 325 4-2Case Study: Elite Financial Services Southern New Hampshire University Health Care at Elite Financial Services Presently Elite Financial Services offers medical, optical and dental insurance to their entire staff, which is up to 275 people. Unlike many of their competitors they offer their health care plan to all their financial planners and administrative staff. They offer a basic fee for service indemnity plan. To maintain a competitive edge in the industry Elite has offered a competitive low, deductible, low co-insurance plan and has assumed most of the burden of the high insurance premiums to benefit the staff. The usage rate for this plan is high and recently they have tried to review costs in order to find savings before cutting services to employees. In order to attract and retain top talent, Elite has always made sacrifices to offer highly competitive plans however, there needs to be changes made. Recommendation SHRM reports that, including employee contributions and any out-of-pocket costs, the average cost for employer-provided health insurance is about $15,000 per employee (Integrity Data, 2018). Strategies for cost savings might include offering a variety of plans as not all employees have the same needs and therefor one size does not fit all: High Deductible Plan: This option is better for younger and healthier individuals that want the security of having health insurance but have relatively low health costs. Increase Employee Contribution. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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