March Case Study: Law Firm Saves $431,833 on Renewal & Improved Benefits Using The Difference Card
Using our proprietary MERP (Medical Expense Reimbursement Plan) strategy, the Difference Card helped a Law Firm build the most cost-effective healthcare plan for their March renewal. The client was receiving a 19% renewal increase from Aetna. The firm’s Health Insurance Broker engaged The Difference Card to help with a solution to reduce this renewal IMPROVE benefits to staff.
Our Northeast Team was ultimately able to save this customer $431,833 off their health insurance costs and reduce their 19% renewal down to -6.5%.
This company has about 90 employees with 64 enrolled in the Health Plan. Their current benefits strategy included a Platinum PPO & a Silver H.S.A Option.
By moving this company to Bronze Level PPO Plan options, The Difference Card was able to reduce the fixed insurance premiums by almost 43% 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 benefit plans by using The Difference Card Technology Strategy, the net renewal was 6.5% below current.
The end result was $431,833 in net savings for this Law Firm, while improving benefits.
This company is an organization that prides themselves on delivering a comprehensive benefits package to their employees. This is evident with the incredibly low out of pocket medical expenses the members experience on their health insurance plans. With the insurance premiums going up and up and the plans remaining the same they wanted a creative solution. The Difference Card plans helped turn back the clock on their premium by getting cost below current while keeping employee benefits in-tact. To add additional value, we are a one card solution for their MERP, FSA, DCA, and LPFSA.
– Liam Hickey, 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.