SOTSQ Episode 21 10 11 2018

So we just decided to stay put because our broker is telling us we're getting a smoking deal from Cigna. This was a quote from a CEO I recently chatted with who was watching his health care budget go up yet another 5%. Now, if your relationship with your broker is more important than actually fixing the cost of your health plan, feel free to stop watching this video. But it got me thinking. Where is your financial thermostat set on your health plan? Think about the thermostat in your house. When you set it at 72 degrees, it will always keep your rooms at 72 degrees, no matter the result going on outside. Likewise, if your financial thermostat on your health plan is set on receiving a 5% increase every year, that's what you're always going to get. So if the carrier gives you a 10% increase but reduces it to 5, you're going to feel good. But likewise, when you get a chance to reduce your budget by 10 or 15%, you're not going to take advantage of it. Because your comfort zone is your thermostat is set at receiving a 5% increase. But over the course of five years, that's a budget increase of well over 25%. And it's going to cause your employees to get really dang hot while your bottom line goes cold. So the next time you're faced with yet another 5% increase to your healthcare budget, ratchet down your thermostat and give your organization the chance to do the right thing for your employees and your bottom line. Now, if you're finding these tips beneficial, do me a favor. Please share them with someone else or shoot me a message and let me know what you think of these tips. And until next time, bear down, focus on the target, and strike out the status quo.