| Case
Study 1 |
| Prospect |
A 50 employee municipal group in a self-funded
pool. |
| Issue |
The existing benefits plan, which had not
been reviewed in a number of years, had several
issues; including a limited physicians’
network, difficult claims processing and specific
requirements of the employees’ union
which were not being met. |
| Objective |
To find a cost-effective plan with a fully-insured carrier that offered an extensive
network of physicians, prompt claims payment
and satisfied the union contract requirements. |
| Result |
Negotiated a fully-insured plan with a prominent,
nationwide carrier, resulting in an annual
savings exceeding $150,000 and a dramatic
improvement in employee satisfaction. |
|
Case Study
2 |
| Prospect |
Professional office looking to restructure
a weak 401k plan. |
| Issue |
Contributions to the 401k plan had been
dwindling due to lack of understanding and
attention. And therefore, restricting the
amount highly-compensated individuals could
contribute to the plan. |
| Objective |
To increase contributions by all employees
to their 401k plan. |
| Result |
Switched to a highly-respected nationwide
401k provider that specialized in the new
comparability laws and formulas. We set up
employee meetings on a frequent basis to educate
them on the 401k plan and to present various
investment options to help them achieve their
personal financial objectives. The highly-compensated individuals were able to increase
their maximum allowable contribution from
10k per year to 40k per year. The 401k plan
is now thriving. |
| Case
Study 3 |
| Prospect |
Manufacturer frustrated with their renewal
increases. |
| Issue |
The employer was either switching companies
or reducing benefits every year in an effort
to minimize renewal increases. This was a
very time-consuming process resulting in employee
confusion about their benefits and dissatisfaction
in reduction in benefits. |
| Objective |
To find a plan for the long term with stable
increases. It was also important to increase
employee understanding and satisfaction of
their benefits. |
| Result |
Switched to a carrier that specializes in
Consumer Driven Health Plans. A plan was implemented
four years ago. The client has experienced
stable increases. Customer service has been
unrivaled by any other carrier. Employees
and their spouses have been educated on the
benefits of their plan. Most employees have
accumulated money in their Personal Medical
Fund. Thus, their plan has become richer over
the years with the accumulation of savings.
Employee satisfaction has increased. Only
minor adjustments have been required at renewal,
saving the administrator from the time-consuming
hassle of shopping other carriers and the
underwriting process. |
