How to Build Better Benefit Plans with Chris Hamilton of Hotchkiss Insurance
There is a better way to construct a healthcare plan, and that is why I had Chris Hamilton, Partner at Hotchkiss Insurance back on the @SelfFunded with Spencer podcast after spending the last episode discussing Sales Best Practices only.
You can view Chris' episode on Sales mastery here - https://www.youtube.com/watch?v=VrdbOgRxYis&t=1205s
Chris came from the finance world before coming to benefits, and what drew him to our industry was that he kept seeing very sophisticated employers with huge healthcare plan spend, continually acting helplessly when it came to their renewals.
Chris couldn't understand why they didn't try harder to save money on their healthcare spend, even when it was the 2nd or 3rd biggest line item on their P/L.
This problem, plus witnessing a personal issue where his brother went bankrupt from out-of-pocket costs from a medical procedure, sent him down the path to being one of the best brokers in the benefits business today.
Key points:
What drew Chris to Employee Benefits
Why Chris Changed His Mind on HSAs
How Employers Can Take Control of Their Plan Spend by Self-Funding
The Best Way for Brokers to Be Compensated
Why we are Going Through a Renaissance in Benefits
What The Benefits Insider Is and Who it Helps
Keywords: self-funded insurance, employee benefits, cost savings, flexibility, risk management, third-party administrator, legal guidance, financial guidance, broker, consultant, advisor, finance
Chapters:
0:00 Intro to Chris
8:35 Entering the Benefits World
14:55 His "Why"
20:10 How Big is the Problem?
26:56 Self-Funding for the Win!
32:25 The Benefits Insider
37:09 The Power of Social Media
41:00 Pros & Cons of HSAs
51:15 A Renaissance in Benefits
54:25 Closing Thoughts
