April Case Study: Private School Saves $1,328,358 on Renewal & Improved Benefits Using The Difference Card
Using our proprietary MERP (Medical Expense Reimbursement Plan) strategy, the Difference Card helped a private school create the most cost-effective healthcare plan for their April renewal. The client was receiving a 14.9% renewal increase from Oxford Health Plans. This school’s Health Insurance Broker engaged The Difference Card to help with a solution to reduce this renewal IMPROVE benefits to staff.
Our New York Team was ultimately able to save this customer $1,328,358 off their health insurance costs and reduce their 14.9% renewal down to -8.6%.
This company has about 300 employees with 262 enrolled in the Health Plan. Their current benefits strategy included two platinum PPO options, and one Platinum EPO option.
By moving this company to a Bronze Level options with Aetna, The Difference Card was able to reduce the fixed insurance premiums by more than 30% for this customer.
Our team of Data Analysts and Underwriters reviewed the employee information and came up with a conservative forecast of claims utilization.
After benefits were built back to the original triple option benefit plans by using The Difference Card Strategy, the net renewal was 8% below current.
Many Difference Card customers look for financial protection when taking on the risk of paying claims for their employees. This technology customer decided to purchase The Difference Guarantee insurance policy, which capped the group’s utilization liability on a monthly basis and guaranteed almost $300,000 in savings versus renewing as is.
“This school values their teachers and is committed to supporting their well-being by providing comprehensive medical benefits with low employee contributions. Medical costs can be a significant expense for schools, especially when they have many employees who need healthcare coverage. For this specific group, we were able to reduce their overall spend while maintaining or improving their benefits. By saving money on medical costs, this organization can now reallocate those funds to other areas of their budget, such as improving educational programs or investing in new technology. Additionally, offering a rich medical plan may help attract and retain high-quality teachers and staff. Overall, the Difference Card solution was a win-win for both the employer and employees.”
- Emily Coughlin Molloy, Senior Consultant at The Difference Card
The Difference Card helps employers in all industries to save an average of 18% off their health insurance costs, while often improving benefits for employees.
To learn how much The Difference Card can save you, find a consultant in your region or request a proposal today.