CFOs (should) play a critical role in supporting decisions around employee healthcare, going beyond simply signing off on the budgetary needs. The process begins early by getting curious and asking tough questions about how healthcare spending has been tracked and audited within the organization, and where there is opportunity for more savings.
Armed with this information, CFOs will have a strong foundation of data and details to explore the plethora of healthcare options available to nonprofits and determine which makes the most financial sense for their organization. Asking CFO colleagues at other nonprofits about their approach to employee healthcare, attending workshops or conferences on health benefits, and sitting in on proposals from benefit brokers and consultants all provide insight into the world of employee healthcare. From this place of knowledge, CFOs can come to the table ready to collaborate with the rest of the team and help decide what healthcare plan will benefit both the organization and its employees.
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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose