CUNA's The State of Small Credit Unions Today cited health care costs as a top challenge facing small credit unions. This is not limited to small credit unions -- many credit unions don’t have the scale and number of employees to receive competitive pricing. This combined with continuing rising costs often means a reduction in the quality of the benefits a credit union is able to provide, which creates issues in obtaining and retaining talent. It’s also an issue that is likely to get worse, not better. According to a recent article published by the Society for Human Resource Management (SHRM), inflation, shortages of nurses and supply shortages will likely drive up the cost of health care. According to one source, costs will double in less than 10 years.
Rising health care costs and cost volatility are two of the factors that to led formation of an association healthcare plan for Minnesota credit unions -- the Minnesota Credit Union Employee Benefits Plan. By pooling costs under one plan, Minnesota credit unions have more bargaining power and control, can reduce healthcare costs and volatility, and offer more options to offer employees. The plan is currently fully insured and the goal is to become self-insured, which helps to further reduce costs and volatility. The faster the plan grows, the sooner that goal is realized.
Get Competitive Pricing, Request a Quote Today
Pricing for 2022 should be available within the next few weeks. Please consider obtaining a quote. Visit our website for more information on the plan, including information on plan designs, provider networks, wellness benefits and ancillary benefits. If you have questions, are interested in learning more or obtaining a quote, contact Tim Tacheny or Tommy Rempfer of MnCUN.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.