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July Case Study: Law Firm goes from 12% Renewal Increase to -4% using The Difference Card

July 20, 2021

Using our proprietary MERP (Medical Expense Reimbursement Plan) strategy, The Difference Card helped a New Jersey Law Firm to navigate a difficult July renewal.

The client was receiving a 12% renewal increase from Horizon BCBS of New Jersey. This Law Firm’s Health Insurance Broker engaged The Difference Card to create a solution to reduce this renewal without changing the benefits to staff.

Our New Jersey Team was ultimately able to save this customer $192,101 off their health insurance costs and reduce their 12% renewal down to -4% below current.

This firm has 90 employees with 74 enrolled in the health plan covering 147 total members. Their current benefits strategy included three options: a Platinum PPO Plan, a Platinum EPO Plan, and a Gold PPO Plan.

By moving this law firm to a Bronze Level PPO Plan option, The Difference Card was able to reduce the fixed insurance premiums by 26% 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 Technology Strategy, the net renewal was -4% below current. The end result was $192,101 in net savings off of their July 2021 renewal costs for this legal customer.

Many Difference Card clients look for financial protection when taking on the risk of paying claims for their employees. This New Jersey law firm decided to purchase The Difference Guarantee insurance policy, which capped the group’s utilization liability and guaranteed the savings to their company.

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.

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