Podcast: Advantages of Benefit Cooperatives

They say there is strength in numbers, and at FBS, this is most evident in our employer benefit cooperatives. Joining a benefits cooperative can give small education employers access to the rich benefits and competitive pricing easily obtained by large employers.

Joining us to discuss benefits cooperatives are FBS team members Larry Bowen, Small Group Sales Representative, and Jordan Edwards, Benefit Consultant. Larry and Jordan detail the many benefits of cooperative membership, process for entry, and services available to cooperative participants.

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Here are some highlights from the podcast:

What is a benefits cooperative? (2:01) Larry: “A benefits cooperative is a group of employers, or in the case of FBS, school districts, that have formed a cooperative via means of an interlocal agreement in order to come in and offer their employees larger group benefits that they couldn’t offer as a smaller group…It allows them to go out and get group products instead of offering individual prices on list-bill chassis.”

How does an employer become a cooperative member? (8:08) Larry: “To become a member of a coop is really quite simple. We just need for a district to decide that they would like to join a benefits cooperative; and once they have made the decision to do that, they would simply have their school board have a meeting and approve joining the benefits cooperative. They would sign an interlocal agreement and we would get things kicked off.”

What is the timeline for joining a cooperative? (9:08) Jordan “If you’re coming into a cooperative, the streamlined process really only takes 4 or 5 weeks and on the backend of things, FBS is actually doing about 85% of the legwork to get everything going.”

Check out the podcast for the full details on joining a benefits cooperative and all of the benefits available to cooperative members.