- The expanded health care offering will provide more choice, cost savings and dedicated support while the company continues to fund approximately 70 percent of premium costs
Building on its long history of providing industry-leading benefits, Starbucks Coffee Company (NASDAQ: SBUX) today announced it will expand its comprehensive health care offering for all eligible U.S. partners (employees). The enhanced benefits give Starbucks partners more choice, cost savings opportunities and personalized support to help them easily and successfully select the best health care plan for their needs.
A new online benefits platform designed and delivered by Aon (NYSE: AON) will help Starbucks partners choose from as many as six national and regional carriers and five coverage levels based on their budgets and preferred insurance carrier. With an innovative plan design, Starbucks is able to deploy a unique private exchange model that will ensure any cost savings achieved will go right back to its partners.
Starbucks will continue to fund approximately 70 percent of the premium costs and cover 100 percent of preventive care services. Eligible partners in the U.S. could save up to $800 annually by moving to a health insurance plan that better meets their individual needs. The potential savings are even more for partners who select family coverage, with the opportunity to save $2,600 annually.
“Providing industry-leading benefits for eligible full- and part-time partners is a cornerstone of who we are as a company,” said Ron Crawford, Starbucks vice president of Global Benefits. “Much like a travel site, our partners will be able to navigate an easy to use online platform to choose between more insurance carriers and coverage levels at more competitive prices to help them find the right plan for their own needs.”
Along with more options and cost savings, partners will have access to Healthcare Advocates – a team of individuals dedicated to working directly with partners year-round to help them choose and then get the most out of their health care plans.
Starbucks has offered comprehensive benefits, including affordable and comprehensive health care to eligible part-time and full-time partners, since 1988 and currently employs over 160,000 partners in the U.S. Last fiscal year, Starbucks invested over $280 million in health care benefits and made over $64 million in matching contributions to the 401(k) Plan for eligible full- and part-time partners. Since the company started offering equity to partners in 1991, it has shared more than $1 billion in value in the form of stock with partners.