Skip Navigation
  • Careers
  • Report a Claim
  • Clients
  • Contact Us
  • Employees
Risk Strategies Logo
  • Industries

    • Architects & Engineers
    • Aviation
    • Cannabis
    • Construction
    • Education
    • Entertainment
    • Financial Services
    • Fine Art
    • Healthcare
    • Law Firms
    • Marine & Yacht
    • Nonprofit & Human Services
    • Private Equity
    • Public Sector
    • Real Estate
    • Relocation
    • Transportation
    • Waste & Recycling
  • Solutions

      • Captives
      • Casualty
      • Cyber
      • Environmental
      • International
      • Management Liability
      • Property
      • Surety
      • Employee Benefits Overview
      • Benefit Administration and Technology
      • Benefits Compliance Support
      • Data & Analytics
      • Human Capital Management
      • International Benefits
      • Absence Management & Ancillary Programs
      • Voluntary & Lifestyle Benefits
      • Financial & Wealth Overview
      • Life Insurance
      • Private Client Services Overview
      • Homeowners
      • Collections
      • Umbrella & Excess Liability
      • Auto
      • Boat & Yacht
      • Family Office
      • Specialty Coverages
    • Reinsurance
      • Risk Management Services Overview
      • Analytics
      • Claims Management & Advocacy
      • Loss Control
      • Safety Consulting Services
  • Consulting

    • Consulting Overview
    • Actuarial Services
    • Healthcare Claim Audit Services
    • Health and Welfare
    • Mergers and Acquisitions
    • Pharmacy Consulting
    • Retirement Benefits
  • News and Insights

    • All Insights
    • Blog
    • Emergency Resource Centers
    • Employee Benefits Compliance Center
    • Events
    • Media Coverage
    • State of the Market Reports
    • Press Releases
  • Company

    • About Us
    • Careers
    • Culture and Values
    • Diversity, Equity & Inclusion
    • Environmental, Social, & Governance
    • General Terms of Business
    • Leaders
    • Local Expertise
    • Mergers & Acquisitions
    • Recognition & Awards
    • Risk Strategies Charitable Foundation
    • Transparency and Disclosures
  • Join Us
    • Careers
    • Mergers & Acquisitions
  • Industries
    • Architects & Engineers
    • Aviation
      • Aviation Business Insurance - Manned Risk
      • Non-Owned Aviation
      • Unmanned Aerial System and Drones
    • Cannabis
    • Construction
      • Alternative Solutions
      • Financing & Pre-Construction
      • Insurance Solutions
      • Risk Management
      • Surety
    • Education
      • Employee Benefits for Education
      • Property, Casualty & Liability for Education
      • Student Health & Wellness
        • Student Health Brokerage and Consulting
        • Student Health Plan Administration
        • Student Health Insurance Plans
        • Solutions for Student Athletes
        • Student Health & Wellness Tools
        • Special Risk Insurance
    • Entertainment
      • Film & Television
      • Advertising Production Wrap Ups
      • Advertising/PR
      • Event Cancellation & Non-Appearance
      • Music & Touring
      • Theatrical Production & Live Performance 
    • Financial Services
      • Asset Managers
      • Banks & Non-Bank Lending
      • Collections
      • Consumer Financial Services
      • Financial Tech
      • Insurance Companies
    • Fine Art
      • Artists
      • Artist Endowed Foundations
      • Auction Houses
      • Fine Art Packers / Shippers / Warehouses
      • Galleries
      • Museums
      • Private Art Dealers / Advisors
      • Private Collectors
    • Healthcare
      • Employee Benefits - Healthcare
      • Managed Care / Stop Loss
      • Medical Malpractice
      • Property & Casualty - Healthcare
      • Reinsurance
    • Law Firms
    • Marine & Yacht
      • Boat & Yacht For Individuals
      • Commercial & Recreational Marine Businesses
        • Marine Businesses
        • Sailing Organizations - Burgee Program
      • Jackline Program for Cruising Yachts
      • Mega Yachts
      • One-Design Insurance Program
      • Crew Medical Insurance
      • Sailors Health Insurance Program
      • Travel Medical & Trip Insurance
      • US Sailing Insurance Solutions
    • Nonprofit & Human Services
    • Private Equity
    • Public Sector
      • Public Safety Organizations & Municipalities
    • Real Estate
      • Commercial
      • Community Associations
      • Hospitality
      • Residential / Habitational
      • REITs
      • Retail
      • Specialty Programs
    • Relocation
      • Domestic Household Goods
      • Expat Renters & Living Insurance
      • Relocation Claims Service
      • International Household Goods
      • Supplemental Movers Coverage
      • Temporary Living Insurance
      • Vacant Home
    • Transportation
      • Business Auto Insurance
      • Last Mile Delivery
      • Forwarding & Brokering
      • Workers' Compensation
    • Waste & Recycling
  • Solutions
    • Business Insurance
      • Captives
      • Casualty
        • Analytics
        • Auto Liability & Physical Damage
        • Captives & Alternative Risk Financing
        • Claims Advocacy & Loss Control
        • Excess Liability
        • General Liability
        • Product Recall
        • Workers' Compensation
      • Cyber
        • Cyber Resolute
        • Cyber Risk Assessment and Analytics
        • Cyber Risk Response & Claims Advocacy
        • Cyber Risk Management Platform
      • Environmental
        • Contractors Pollution Liability
        • Environmental Excess
        • Environmental Liability Transfer
        • Environmental Liability - Healthcare
        • Environmental Liability - Higher Education
        • Pollution Legal Liability
        • Environmental Liability - Private Equity
        • Professional Environmental Liability Insurance
        • Real Estate Development
        • Remediation Cost Cap
        • Secured Creditor Protection for Lenders
        • Underground Storage Tanks
      • International
      • Management Liability
        • Management Liability - Entertainment
        • Management Liability - Financial Institutions
        • Management Liability - Healthcare
        • Management Liability - Real Estate
      • Property
        • Builder's Risk
        • Property Claims Services
        • Inland Transit and Ocean Cargo
        • Natural Hazard Catastrophe Modeling
        • Political Violence and Terrorism
        • Property Damage & Business Interruptions Valuations
        • Property Loss Prevention and Control
      • Surety
    • Employee Benefits
      • Employee Benefits Overview
      • Benefit Administration and Technology
      • Benefits Compliance Support
      • Data & Analytics
      • Human Capital Management
      • International Benefits
      • Absence Management & Ancillary Programs
      • Voluntary & Lifestyle Benefits
    • Financial & Wealth
      • Financial & Wealth Overview
      • Life Insurance
    • Private Client Services
      • Private Client Services Overview
      • Homeowners
      • Collections
      • Umbrella & Excess Liability
      • Auto
      • Boat & Yacht
      • Family Office
      • Specialty Coverages
    • Reinsurance
    • Risk Management Services
      • Risk Management Services Overview
      • Analytics
      • Claims Management & Advocacy
      • Loss Control
      • Safety Consulting Services
  • Consulting
    • Consulting Overview
    • Actuarial Services
    • Healthcare Claim Audit Services
    • Health and Welfare
    • Mergers and Acquisitions
    • Pharmacy Consulting
    • Retirement Benefits
  • News and Insights
    • All Insights
    • Blog
    • Emergency Resource Centers
      • Cybersecurity
      • Earthquake
      • Hurricane
      • Pandemic
      • Riot & Civil Unrest
      • Severe Storms
      • Violence & Active Shooter
      • Wildfire
      • Winter Weather
    • Employee Benefits Compliance Center
    • Events
    • Media Coverage
    • State of the Market Reports
    • Press Releases
  • Company
    • About Us
    • Careers
    • Culture and Values
    • Diversity, Equity & Inclusion
      • BeHEARD Series
      • DE&I Structure
      • Employee Resource Groups
    • Environmental, Social, & Governance
    • General Terms of Business
    • Leaders
    • Local Expertise
    • Mergers & Acquisitions
    • Recognition & Awards
    • Risk Strategies Charitable Foundation
    • Transparency and Disclosures
      • General Terms of Business
      • Conflict of Interest Policy
      • Compensation Disclosure
      • Enterprise Risk Management
  • Join Us
    • Careers
      • Benefits & Wellness
      • Investing in Growth & Leadership
      • Life at Risk Strategies
      • Next Steps
    • Mergers & Acquisitions
      • Partnership Benefits
      • Why Join Us?
      • Onboarding & Integration
  • Careers
  • Report a Claim
  • Clients
  • Contact Us
  • Employees

You are about to leave Risk Strategies website and view the content of an external website.

You are leaving risk-strategies.com

By accessing this link, you will be leaving Risk Strategies website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Risk Strategies website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Risk Strategies.

OK
  • News and Insights
  • Blog
April 17, 2020

COVID-19 And The Scramble For Savings

Employee Benefits
3 min read
Andrew Godfried
  • Facebook
  • Twitter
  • LinkedIn
  • Email
COVID-19 And The Scramble For Savings | Risk Strategies
COVID-19 And The Scramble For Savings

As the economic challenges grow for businesses across all industries, more and more companies are looking at cost reductions as a source of “found money.”  After the benefits of the Payroll Protection Program and the CARES Act fade away, the pandemic passes and the economy reopens, employers will likely be grappling with the longer term effects on customers, supply chains, distribution chains, etc., and extend this search for cost reductions. Insurance is sure to be one area. 

While some insurers are extending grace periods for premium payment, and in some cases offering rate passes for policies renewing in the middle of the COVID19-driven uncertainty, it’s not clear whether this will be enough moving forward. 

You may be able to find a lot more than spare change by looking into the following insurance areas, particularly if you look in both the short and long term:

Group Medical Plans

Generally speaking, most employees do not utilize their entire deductible on an annual basis.  There may be ways you could leverage premium savings while making your employees whole by funding the difference in deductible expense. Carriers are usually willing to allow a mid-year benefit change in order to facilitate the needs of a customer, and there may be value in taking advantage of premium arbitrage. 

For larger health plans, whose claims experience directly impact their current and future spend, it is imperative to analyze the expected cost impact of COVID19 claims.  Most insurers have made the decision to pay all COVID19 testing and treatment at no cost to members.  What will that do to your expense in the short term, and when COVID19 claims stop, and elective procedures pick back up, what will those impacts be?

Group Life & Disability Plans

Been a while since you last had your Life & Disability aggressively marketed? Now may be the time. A mid-year change of carrier partners is not ideal, but of all coverages Group Life & Disability is the easiest to move mid-year. The status of your workforce (furloughed, laid off, status quo) will affect this ability, but it‘s certainly worth having a professional look into it.

Voluntary Benefits in preparation for an employment decision.

As circumstances continue to force tough decisions around reductions in force, think about the potential of offering voluntary benefits to your employees. These coverages can supplement medical plans with payments for needed services, and provide replacement income for accidents or disabilities, among other uses. These coverage’s cost the employer nothing and, if a reduction in force is necessary, subsidizing these coverages rather than subsidizing COBRA premiums for some period of time is likely to be less costly.   

 

Want to learn more?

Find me on LinkedIn, here.

Email me directly

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client. 

Related Posts

See all posts

Employee Benefits 2 min read Reviewing Your Recruit and Retain S... February 16, 2023
United States Supreme Court
Employee Benefits 2 min read Supreme Court Decision Maintains Ac... April 24, 2023

Subscribe via Email

Risk Strategies Logo
  • Report a Claim
  • Clients
  • Contact
  • Employees
  • Terms of Use
  • Cookie Policy
  • Privacy Policy
  • Accessibility
  • Health Plan Transparency Compliance
  • Accessibility
  • Cookie Policy
  • Health Plan Transparency Disclosure
  • Privacy Policy
  • Terms of Use
©2023 Risk Strategies. All rights reserved.

Connect with Us

  • LinkedIn
  • Twitter
  • Instagram
  • Facebook