Level Funded Solution Saves Company $500k on Benefits Maintaining Better Coverage!
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Case Study: Nanosyn
The Pain Points
The Pain Points
What was the issue?
Cost: Never-ending Increases
Administrative Headaches: Overwhelmed with Administrative Tasks
Transparency: No Insight into Claim and Population Health
Our Proposed Solutions
Our Proposed Solutions
Based on our Experience, We offered the following:
- Alternative Funding (Cost)
- Better Benefits (Attraction and Retention)
- BenAdmin Tech, Bill Reconcilliation (Admin Headaches)
The Details
The Details
Cost Control is Key
We proposed solutions that would address the following:
- The average Annual Increase was 2 x higher with the fully insured option vs. level-funded.
- Compounded, the difference in PEPY premium would be 25% higher had they stayed with a Traditional PPO plan
- Maintained the same coverage for six years! The coverage on the plan would have gone down had they stayed fully insured
- Exposure (out-of-pocket maximum) increased 25% over the same time period
- Streamlined enrollment with the introduction of Ease in 2017
- Client integrated Ease with Trax Payroll to further streamline administrative tasks
The Team
The Team
Team participants critical in this success:
- Client Service Manager,
- Benefits Admin Representative,
- Account Executive,
- Tech and Compliance team members
