CLEVELAND, Feb. 1, 2017 /PRNewswire/ -- Eric Krieg, a nationally known health insurance
Krieg's presentation will reveal proprietary data from a recent Risk International Benefits Advisors (RIBA) study which analyzed 10 years of national wage trends and health plan costs. The study, "Health Plan Costs Devastate Middle America's Disposable Income", found that while base wages have risen minimally for most Americans over the past decade, employers have had to shift a larger percentage of the financial burden of escalating health plan costs to employees during that same time frame. The result is some employees taking home even less money today than they did 10 years ago, and others seeing only small take-home pay increases that aren't keeping up with inflation.
"Our study shows that employers need to rethink the way they approach and negotiate their benefits plans," said Krieg. "Instead of simply accepting higher health plan costs as a forgone conclusion and passing the financial burden on to their employees, companies should find ways to reduce costs without sacrificing the quality of the services provided. This is a strategic imperative for companies that want to remain competitive from a financial and recruiting standpoint, especially at a time of lowering unemployment rates. The good news is, there are proven strategies to do it. It just requires a different mindset."
The RIBA study outlines a five-step plan to enable employers to maintain health plan quality while reducing costs, including focusing on innovative new benefits procurement methods and evaluating vendor relationships and associated arrangements including hidden costs and conflicts of interest. This approach has been used by Fortune 1000 and middle market employers which have realized savings in the range of 10-60 percent. In many cases, companies have saved millions of dollars on their health care spend.
To read the full "Health Plan Costs Devastate Middle America's Disposable Income" study, visit http://riskinternational.com/disposable-income-report/. To arrange an interview with Eric Krieg, contact Eileen Petridis at [email protected] or (216) 696-0229.
About Risk International Benefits AdvisorsRisk International Benefits Advisors (RIBA) is an independent, unbiased benefits management services group that helps companies optimize their benefits spend. If a company spends money on it, RIBA reviews it. With RIBA on their team, companies have peace of mind knowing that their benefits program will outperform those of their competition. RIBA has a no commission, fee-for-service business model that ensures objective advice. This guarantees freedom from all conflicts of interest that currently exist in the benefits industry today. For more on RIBA please visit riskinternational.com.
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SOURCE Risk International Benefits Advisors
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