The Zemar Podcast
Talking to small to mid-sized businesses and discussing insurance and business related topics. For more information about Butch Zemar and Elite Benefits of America, please visit EliteBenefits.net
Episodes
4 days ago
Rising Premiums and Reluctant Changes
4 days ago
4 days ago
Despite increasing premiums, many employers are hesitant to change their plans, with a survey showing that 87% of employers remain satisfied with their current coverage. Smaller companies are particularly vulnerable to significant cost increases, often needing more resources to manage healthcare benefits or adjust to these rising expenses proactively. The issue of broker retention was also highlighted, revealing that 95% of employers keep their brokers even when their performance is subpar, mainly due to trust or a reluctance to navigate change.
The conversation pointed to Purdue University as a case study in managing healthcare costs effectively. Since 2016, Purdue has kept its healthcare costs to just a 1% increase annually, saving $149 million by implementing strategic changes, such as reducing out-of-pocket expenses and using financial incentives. The discussion emphasized the importance of better planning, transparency in broker commissions, and investing in dedicated resources or outsourcing to manage healthcare benefits efficiently. Companies that prioritize these practices are better positioned to control costs and provide improved employee benefits.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
6 days ago
6 days ago
A recent discussion highlighted the risks of cutting corners in both business and health insurance, drawing a parallel to a tragic scuba diving story from The Last Dive by Bernie Chowdhury. The story emphasized how cost-saving measures, such as using compressed air instead of mixed gas with helium, led to fatal consequences. This served as a cautionary tale for businesses that seek quick fixes or overly aggressive cost reductions without considering long-term planning and safety. The conversation stressed the importance of balancing cost-saving strategies with thoughtful decision-making, particularly when navigating inflation, unexpected expenses, and insurance planning.
The discussion also focused on the need for proactive financial planning in managing health insurance costs. Rather than relying on “magic wand” solutions, businesses are encouraged to engage deeply with their benefit plans, work with knowledgeable advisors, and break down renewals into smaller, more manageable parts. By integrating health insurance into broader financial and budgeting plans, businesses can ensure predictable outcomes and better cost control. The conversation emphasized the importance of conducting due diligence, engaging with detail-oriented advisors, and preparing for long-term financial success through strategic planning.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Thursday Oct 31, 2024
Cutting Costs with Smarter Healthcare Choices and Technology
Thursday Oct 31, 2024
Thursday Oct 31, 2024
Small and mid-sized companies often complicate their health insurance programs, leading to inefficiencies and frustration. Sometimes, companies need to change their approach to achieve their goals. The conversation emphasized the importance of evaluating renewals early, exploring cost-saving opportunities like switching carriers that provide claims data and implementing technology to streamline enrollment processes. Companies were also encouraged to retrain employees to use their health insurance effectively.
The discussion stressed that companies can save significant amounts by taking a more proactive approach to managing their benefits. By investing in technology, adopting medical advocacy programs, and exploring innovative strategies like Individual Coverage Health Reimbursement Arrangements (ICHRAs), employers can reduce costs while improving employee satisfaction. Early evaluation and planning for renewals, combined with retraining employees on smart healthcare choices, can result in better outcomes and long-term stability for businesses.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Tuesday Oct 29, 2024
From Sports Rules to Health Plans: Evolving for Success
Tuesday Oct 29, 2024
Tuesday Oct 29, 2024
Taking examples from the NHL and MLB, where rule changes improved efficiency and game outcomes, the conversation drew parallels to the evolution of health insurance. Historical shifts like tax breaks after World War II led to the rise of PPOs and HMOs, and more recently, strategies such as Health Reimbursement Arrangements (HRAs) and Individual Coverage HRAs (ICRAs) have emerged as methods to control rising healthcare costs.
The conversation highlights the need for employers to proactively evolve their benefit programs to maintain competitiveness in a changing landscape. By embracing new strategies such as reimbursing employees for individual health insurance and exploring alternative cost-control measures, employers could save alot of money that go directly to profits! The discussion stressed the importance of long-term planning and strategic adaptation to ensure better outcomes and cost savings.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Friday Oct 25, 2024
Proactive Cost Control: The Future of Employer-Managed Health Insurance
Friday Oct 25, 2024
Friday Oct 25, 2024
Businesses that fail to evolve, such as Kodak, suffer the consequences, while those that embrace innovation thrive. The evolution of scuba diving is also mentioned, illustrating how technological advancements, such as the move from deep air diving to mixed gas diving, improved safety, and efficiency.
The conversation then shifts to healthcare, explaining how historical events like wage freezes after WWII shaped modern health insurance policies. The rising healthcare costs and the impact of regulations, such as the Affordable Care Act and the Consolidated Appropriations Act of 2021. Employers are encouraged to manage health plans proactively, bring in new brokers annually for second opinions, and adopt innovative strategies to control costs and navigate the growing fiduciary responsibilities associated with employee health benefits.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Thursday Oct 24, 2024
The CFO’s Guide to Predictable Healthcare Costs: Risk and Reward
Thursday Oct 24, 2024
Thursday Oct 24, 2024
There are growing concerns among CFOs regarding the unpredictability of healthcare costs, with 72% finding these expenses more volatile than others. Despite their increasing involvement in cost discussions, many CFOs are hesitant to invest time in fully understanding and controlling these costs. The conversation emphasizes the need for innovative and non-traditional strategies, such as working with new brokers and adopting alternative cost management approaches to improve predictability and savings.
Drawing parallels with strategic decisions in historical events like the Battle of Midway, the discussion encourages CFOs and HR managers to take calculated risks and explore new methodologies. A recent success story demonstrates how a small company saved $10,000 monthly by implementing a non-traditional healthcare plan. The same strategy has saved larger companies six to seven figures. By embracing innovative approaches and moving away from traditional methods, companies can better manage healthcare expenses and improve long-term outcomes.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Thursday Oct 03, 2024
Purpose-Driven Success and Business Strategies
Thursday Oct 03, 2024
Thursday Oct 03, 2024
Purpose-Driven Success and Business Strategies
In a recent discussion, the importance of drive and purpose in achieving success was emphasized, using personal examples like reading goals and running achievements to illustrate how consistent effort and persistence can lead to significant outcomes. Financial challenges faced by small businesses were explored, noting the stark difference in revenue between solo companies, which average $50,000 annually, and small employers with teams, which can earn up to $5 million. According to the discussion, the key to bridging this gap is patience and incremental progress.
The discussion also highlighted the need for businesses to be receptive to innovative solutions. It showcased the transformative impact of innovative benefits broker strategies on business savings, citing case studies where companies saved hundreds of thousands of dollars annually by adopting new approaches. For instance, one business saved $200,000 per year, while another achieved a $400,000 annual savings by working with more proactive brokers. The conversation underscored the importance of consistency in marketing, patience in business strategies, and the necessity for businesses to be open to innovative solutions for better outcomes.
Listen in take your business to another level with these strategies.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Thursday Sep 26, 2024
Breaking Down Barriers: Improving Healthcare Transparency and Affordability
Thursday Sep 26, 2024
Thursday Sep 26, 2024
In this episode, the discussion centers on the complexities of the health insurance landscape, especially for small and mid-sized businesses. The conversation delves into the critical need for greater transparency and accountability in the industry. A key point is the importance of identifying flaws within health insurance programs and how consolidating data can improve offerings, ultimately making healthcare more affordable for employees.
The poor customer service in the healthcare sector negatively impacts companies, citing a recent study that ranked the industry near the bottom for service quality. Additional challenges discussed include dealing with inaccurate billing, misfilings, and errors within the healthcare system.
Actionable insights include exploring alternative healthcare strategies such as direct primary care and reevaluating current insurance brokers and consultants to prioritize cost-effectiveness and service improvement. The discussion raises concerns about misaligned incentives in the healthcare system, which often prioritizes profits over patient outcomes. Employers are encouraged to take a proactive role in selecting and managing health insurance plans to mitigate these issues and ensure they meet their fiduciary responsibilities.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Thursday Aug 22, 2024
From the Deep End: Rethinking Employee Benefits with a Data-Driven Approach
Thursday Aug 22, 2024
Thursday Aug 22, 2024
There are parallels between the importance of proper planning and managing an employee benefit program effectively for your company. Scuba divers prioritize safety and must be equipped with the right tools. Employers should reassess their benefit packages, leveraging data-driven approaches to understand cost structures and explore innovative solutions beyond traditional broker advice.
Businesses need help in controlling benefit program costs because many need more data to make informed decisions. A closer analysis of healthcare benefit costs and the adoption of alternative approaches that offer greater transparency and control. By moving away from the status quo and considering new strategies, employers can better meet the needs of their employees while managing expenses effectively.
Listen in to this podcast and get an edge for your next benefits renewal.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
Tuesday Aug 06, 2024
Reinventing Employee Benefits: Strategies for Cost Savings
Tuesday Aug 06, 2024
Tuesday Aug 06, 2024
This episode explores the challenges of entrepreneurship and business ownership, emphasizing the critical traits of adaptability, resilience, and taking calculated risks. The discussion is enriched with personal anecdotes, shedding light on the problem-solving and adaptability required in various situations, such as maintaining complex systems. The guest also underscores the importance of a multi-year perspective for managing benefits programs, suggesting that such an approach can lead to significant cost savings and improved employer outcomes.
The conversation delves into the specific difficulties encountered in managing benefits programs and the expectations of employers. Issues such as unpredictable annual health insurance renewals and outdated methods for handling benefits are highlighted. The episode concludes with a call for employers to adopt a forward-thinking approach, leveraging comprehensive data and new strategies to achieve better results. This episode offers valuable insights for business owners and leaders aiming to navigate the complexities of entrepreneurship and employee benefits management.
For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
The Zemar Podcast
As valued benefits advisors, collaborate with small, medium, and large-sized businesses to balance competitive employee benefits with their own capabilities and bottom lines. Provide various professional services to reduce costs, improve efficiency, and improve employee satisfaction. For more information, please visit EliteBenefits.net or call 888-535-3006.