March Case Study: Healthcare Agency Saves $320,125 on Renewal & Improved Benefits Using The Difference Card
Using our proprietary MERP (Medical Expense Reimbursement Plan) strategy, The Difference Card helped a healthcare agency create the most cost-effective healthcare plan for their March renewal.
The client was receiving a 22.4% renewal increase from Blue Shield of Texas. This healthcare agency’s Health Insurance Broker engaged The Difference Card to help with a solution to reduce this renewal IMPROVE benefits to staff.
Our Texas Team was ultimately able to save this customer $320,125 off their health insurance costs and reduce their 22.4% renewal down to 8%.
This company has about 300 employees with 206 enrolled in the Health Plan. Their current benefits strategy included four options PPO options, ranging from Silver to Bronze Level Benefits.
By moving this company to a Bronze Level PPO options, The Difference Card was able to reduce the fixed insurance premiums by almost 25% 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 dual option plans, by using The Difference Card Strategy the net renewal was 8% above 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 company has experienced large renewal increases in past years and was anticipating another double digit increase this year. Working with their broker we were able to offer them an alternative solution. The company was able to reduce their renewal cost significantly and also able to improve their plan benefits for its employees. This was a win for all involved, the company was able to continue to offer a high level of employee benefits at a less than expected cost and the broker was credited with delivering a creative solution that resulted in the savings.”
–Mark Wylie, 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.