MADISON, Wis. (11/13/14)--Smaller credit unions are pulling back from offering group health insurance, according to the newly released 2014-2015 CU Staff Benefits Report from the Credit Union National Association.
Since 2012, the number of credit unions offering group health insurance has dropped 6%, which is mostly attributed to those with between $5 million and $20 million in assets.
"Smaller credit unions are more challenged to meet higher costs of health care and, as such, make up a significant proportion of the credit unions that have dropped group health insurance," Jon Haller, CUNA director of corporate and market research, told News Now.
Overall, modest declines in various credit union staff benefits were more likely to be found among credit unions with less than $100 million in assets, the report noted.
Credit unions' year-end 2013 per-employee health care benefits costs rose 11% compared with the prior year's levels. A third of credit unions adjusted employee deductibles, co-pays or employees' monthly premium contributions to mitigate those expenses as they entered 2014.
In addition to group health insurance, other benefits tracked by the CUNA report include: