June Case Study: Marketing Agency Saves $46,089 on Health Insurance Renewal
Using our proprietary MERP (Medical Expense Reimbursement Plan) strategy, The Difference Card helped a Marketing Agency build the most cost-effective healthcare plan for their June renewal.
The client was receiving a 12.6% renewal increase from Allways Health Partners. The agency’s Health Insurance Broker engaged The Difference Card to help with a solution to reduce this renewal and IMPROVE benefits provided to staff.
Our Northeast Team was ultimately able to save this client $46,089 off their health insurance costs and reduce their 12.6% renewal down to 0.6%.
This agency has about 40 employees with 27 enrolled in the Health Plan. Their current benefits strategy included two plan offerings – one HMO silver plan & one PPO silver plan.
By moving this company one Bronze Plan with Allways Health Partners, The Difference Card was able to reduce the fixed insurance premiums by almost 28% for this customer.
Our team of Data Analysts and Underwriters reviewed the demographics of the group and came up with a conservative forecast of claims utilization.
Their goal was to improve benefits for employees and reduce their out of pocket at the most commonly used services – office visits & prescription drugs. Using The Difference Card Strategy, the net renewal was almost flat.
The result was $46,089 in net savings for this marketing agency, while improving employee’s out of pocket costs drastically.
They were also able to consolidate third party administrators by moving their Flexible Spending Account & COBRA Administration to The Difference Card as well.
This company’s goal was to deliver best in class benefits while keeping contributions low for their employees. They are an innovative company who adopted a HRA when it was first introduced. As their healthcare costs continued to rise year over year, they were looking for “the next step” in health insurance funding which is why they decided to move to a MERP strategy. In this case we were able to not only reduce their overall expenditure, but also enhance their employees’ benefits experience.
– Ashley Dube, Northeast Market Director 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.