Employee Benefit Costs to Decrease for Members of Beyond Benefits
Life sciences and biotech BIOCOM member companies will see 1.4% drop in 2017 rates
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SAN DIEGO, September 13, 2016 – Barney & Barney Insurance Services LLC, a Marsh & McLennan Agency LLC company, today announced that employee benefit costs for the 198 companies that belong to the Beyond Benefits trust will decrease in 2017. Peer companies not in the trust and paying market rates, will likely see yet another year of premium increases.
The 1.4% decrease for Beyond Benefits members is the result of lower claims by member organizations, as well as the suspension of fees associated with the Affordable Care Act. Life science and biotech companies not participating in the trust are subject to the claims trends of the market and will see on average a 9.2% increase in benefits costs in 2017.
Founded by Barney & Barney in partnership with Biocom, Beyond Benefits enables life science and biotech companies to pool their purchasing power and secure employee benefit rates similar to organizations with a large number of employees. Since 2012, Beyond Benefits has saved members $89 million in benefit premiums. The program now covers more than 6,500 employees.
“At a time when employee benefit costs are rising for many, Beyond Benefits will lower the costs of benefits for members in 2017,” said Shawn Pynes, Principal and Director of Barney & Barney’s Employee Benefits Division. “Because of the healthy and favorable demographics of life science and biotech organizations, member companies are realizing significant cost savings. These lower costs enable small to midsize companies to compete more effectively for highly skilled employees.”
For more information about Beyond Benefits or to receive a complementary rate comparison, contact Madalyn Altschuler, firstname.lastname@example.org, 858.587.7472.
About Barney & Barney
Barney & Barney is one of the nation’s leading insurance brokerages, offering a comprehensive line of risk management and employee benefit solutions. The firm specializes in commercial property and casualty insurance, employee benefits, workers’ compensation, compensation consulting, executive liability, personal lines and surety. In 2014, Barney & Barney joined Marsh & McLennan Agency LLC (MMA), a subsidiary of Marsh Inc., the world’s leading insurance broker and risk advisor. Barney & Barney has offices in San Diego, San Francisco, Walnut Creek and Orange County. For more information, visit www.barneyandbarney.com, or call 800.321.4696.