A sales and marketing firm located in Mount Laurel, NJ with 176 employees.
This client had large rate increases in their health insurance program in each of the last 3 years. However, most of the individuals who had very significant claims contributing to these high premium increases were no longer with the company. The client’s existing health insurance provider was unwilling to give this much weight in determining future premium calculations.
MBA Solution Presented
With the ability to contract with all leading insurance vendors, our team specialists went to work shopping this company’s health plan, including all past claims data with special details regarding those employees who were no longer with the company. After sorting through the various carrier responses, a new insurer was selected, and implementation was scheduled.
Although switching carriers can be costly and time-consuming, this client was able to make the switch and saved nearly $247,000 in yearly premiums.