Poor Hedge-Fund Managers See Rising Cost of Health Care

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Well, it's official. The health-care reform bill really is harming small businesses — for instance, multibillion dollar hedge funds. White Plains–based insurance broker the SKCG Group conducted a survey of hedge funds with an average of $2 billion under management ($250 million to $20 billion) and found that premiums for employees in this underprivileged sector increased between 6 percent and 18 percent in 2010, while at the same time, services that had once been fully covered now require deductibles. And that's not the worst part: “What’s really troubling is that some insurance companies are asking for rate hikes twice in one year," David Parker, the president of the employee-benefits division at SKCG said in a press release today. "That’s a huge break with tradition." How will they even begin to afford to keep themselves in good health? Firing their butlers and nannies? Oh wait, no, SKCG has a solution: "To reduce the impact of these rate hikes on their bottom line, hedge fund managers need to retain a firm that can use superior information and experience to construct fine-tuned, custom coverage and negotiate lesser increases on their behalf." Like, you know, SKCG.

New York-based Benefits Advisory Firm SKCG Group Surveys 100-Plus Hedge Fund Clients [Hedgefundpr.net]