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Client Saves 53% in Employee Insurance Costs with BenefitMD

Background:

After 35 years of providing employee health benefits through a fully-insured carrier, a local employer opted for our self-funded health plan. They were prompted to make the switch after their insurance carrier sharply increased their premium by 27% despite a particularly good claims year. The carrier refused to provide an explanation for this increase, so the employer turned to Benefit MD for help.

Benefit MD worked closely with the employer group and its broker to develop a benefits plan designed to address the group's specific needs while enhancing the benefits for the employees and dependents.

The Process:

Benefit MD custom-designed a plan with the following goals in mind:

• Cost Containment for both premiums and administrative expenses.
• Ownership of Data in order to identify needs and keep a record of claims history.
• Health Plan Flexibility.

Results:

• 33% reduction in plan costs compared to the previous year.
• Avoided the 27% premium increase their former insurance carrier would have imposed.
• This amounts to a total 53% savings in health plan costs -- money that could be invested back into the employer's health plan instead of lining the carrier's pockets.