Fifth Case Study
The Details
* Size of Company: 70 Employee Medical Facility
* The PEO that this company chose had never shopped around each year for better benefits and pricing as they promised. On top of that , the PEO did not provide the benefits the company was expecting for being a part of such a large group of insureds.
At the end of the process, we saved them about or $155k in the first year alone which was about a 32% savings when compared to the PEOs prices from the prior year. Another nice part was that the employees who had dependents on their plan saved about $400/month and those who had their entire families insured saved nearly $575/month.
The PEOs Annual Policy Renewal:
When they approached us, their current insurance provider was showing a renewal increase of about 9.5% vs the previous year. We knew the premiums should be far lower, so we shopped around and came up with a total plan that ultimately reduced the company’s premiums while simultaneously making the benefits far richer.
This resulted in a 12% reduction in premium year over year and included far better service, software and benefits. Wait. There’s more! On the next year’s renewal, since we tracked them all year we had much more accurate claims data and we switched them yet again resulting in another 8% reduction in rates compared to the prior year.
Let’s Dig a Little Deeper
This particular client had been insured with one of the largest and most recognizable PEOs out there which included employee medical, payroll services and HR services. The idea is that if you went with them for HR and Payroll, they would use their size and potential negotiating power to reduce the cost of the health insurance premiums – so they claimed. As they found out, the agents at the PEO knew very little about health insurance and seemed to be lacking in knowledge about HR and Payroll either. The lesson here is don’t take the easy way out; with each service they offered, there was drastic room for improvement and that’s what we accomplished for them.
How Did We Help
Using our extensive knowledge and connection in the health insurance industry, we were able to negotiate far better employee benefits at a much lower cost. In addition, we provided free back-office software that improves billing processes, improves efficiencies with general back-office tasks and makes it easier to on board new employees, etc.
Are you Ready to Begin ?
We’re dedicated to finding the best plans for the best price and act as your healthcare advocate. Unlike the other health insurance agents, brokers and PEOs we’re work diligently to find the best deals for you year in and year out. We will re-shop before each renewal and use our contacts and negotiation skills with the various insurance carriers to make this a reality.
Please note, we never charge you for using our services. They’re free to you. We’re paid a commission directly from the insurance carriers and that commission does not affect the rate you pay. We will act as your Health Insurance Broker and generate quotes from all suitable, major insurance carriers which will result in having the best rates for you and your employees.