Reinventing Healthcare: Entrepreneur Chelsea Ryckis on Overcoming “The Big Lie” to Rethink Employer Benefits and Lower Costs

Chelsea Ryckis is the award-winning founder and president of Ethos Benefits, a firm dedicated to advancing fiduciary-driven health insurance strategies for employers nationwide to eliminate fraud, waste, and abuse from employer healthcare plans while increasing savings for both employers and their employees. After suffering a traumatic brain injury as a Division 1 college athlete, Canadian-born Chelsea experienced the US healthcare system firsthand, inspiring her pioneering entrepreneurship in healthcare. Chelsea was awarded the industry’s most prestigious award, Advisor of the Year, by Benefits Pro in 2024. She has also been named the Most Innovative Healthcare Consultant in the United States for 2024. Chelsea is the co-host of the Ethos Effect Podcast with her husband Donovan and producer of the documentary “It’s Not Personal, It’s Just Healthcare.”

🔑Key Takeaways🔑

💰 📈 Misaligned Incentives Are Driving Up Costs: Traditional brokers work on commission, meaning they earn more when your company pays more. Always ask your vendors, brokers, and consultants, “How are you paid? What incentives shape your advice?”

💡🛑 Transparency Is Possible—But Not From the Big Players: Most major carriers bundle all aspects of the health plan in a “closed box,” preventing employers from seeing claim-level data or understanding actual costs. By unbundling and using fee-based advisors, employers can regain control and thoroughly understand where their dollars are going.

🚀 🤝 Employers Have More Power Than They Think: 60-65% of Americans get insurance through work, yet most companies don’t realize they can drive change. Simple steps like questioning your broker’s incentives and exploring open-box plan options can lead to substantial savings and better employee care.

✨🛠️Smaller groups can save, too: Even with as few as 10 employees, innovative options exist—Chelsea shared a client success who saved $110,000 with just 22 workers.

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More about Chelsea at Ethos Benefits

https://ethosbenefits.com/