Major Savings on Healthcare Insurance
One of the biggest challenges for businesses today, is ensuring that their employees have adequate health insurance coverage. Health care costs are rising and yet in many cases so too are health insurance premiums. That is why we are so pleased to be able to offer affordable health insurance options to our clients.
We recently had a large health insurance client who, prior to coming to us, faced a number of hurdles in getting their employees covered. When we met the client they had 202 employees at the company, but only 75 of these employees were covered. That was only about 37% of their workforce. In addition their policy had a $2,500 deductible, with the employee’s portion of the monthly premium at $540. This made the policy expensive to employees while still leaving them responsible for a large chunk of out of pocket expenses. Let’s take a look at how we were able to address their various issues.
For many employees at our client’s company, a deductible of $2,500 would be a serious financial burden, if not outright financially devastating. However, we were able to get that deductible down to a much more manageable $1,000. This decreased deductible resulted in a savings of $1,500 in out of pocket expenses for employees!
The original monthly premium for covered employees was $540. Once again this amount is quite significant and burdensome for many employees. We were able to lower that amount by over 20% to get it down to $420 per month for covered employees. This resulted in an annual savings of nearly $1,500!
As we discussed above, originally only 75 of the 202 employees were covered under the company’s health insurance plan. However, thanks to the lower deductible and monthly premium more employees were able to take advantage of the coverage options. That resulted in an increase to 169 out of 202 employees having coverage. That is a coverage rate of over 80% and the amount of workers covered under the plan more than doubled!
The final assessment is that our health insurance client was able to see significant increases in plan affordability, and overall employee coverage. This makes the company itself a much more desirable place to work, ensures the health of its employees, and all around contributes to the well being and quality of life for everyone involved.
- Client : Medium Sized Business