July Case Study: The Difference Card Helps New York Non-Profit to Improve Health Benefits and Save Over $100,000 Annually!
This non-profit organization, located in Long Island, New York, employs over 100 staff members on their health plan. To continue fulfilling their important mission, the organization sought help from their consulting team at Corporate Synergies to improve their benefits package while reducing costs for both staff and the company.
Corporate Synergies, part of the Foundation Risk Partners team, is the newest Difference Card Purple Producer brokerage firm. Foundation Risk and the Difference Card have collaborated for seven years, helping mutual clients save over $30 million on healthcare costs.
The Corporate Synergies/Foundation Risk Partners team working on this account included Joanna Mohindra, Kristina Trovato, Victor Dezelic, Tony Marconi and Dan Dietrich. They collaborated closely with their Senior Consultant partner, Richard Halpin, from The Difference Card to address the client’s needs.
The team first negotiated with the client’s health insurance carrier, Emblem Healthcare, to lower the renewal rates. Then, they explored alternative plan options with Emblem to further reduce premiums. The Difference Card team devised a funding strategy to provide excellent first-dollar coverage for the staff, resulting in $107,108 in guaranteed annual savings for the employer, while also enhancing benefits for the employees.
Another goal for this employer during the renewal process was to maintain a steady handle on their cash flow. Rich from the Difference Card recommended the Monthly Budget solution, a feature of The Difference Guarantee. This solution allows the customer to pay a fixed monthly amount to cover any reimbursement liability to their staff, with 100% of any surplus retained by the client at the end of the plan year.
“ I really enjoyed working with the team at Corporate Synergies to solve an urgent problem for their client. When getting a renewal increase on health insurance premiums clients are typically put in a lose/lose position. Reduce the benefits to offset cost or increase employee payroll contributions. We were able to work together to offer the client a third choice that resulted in an improved benefit and lower cost.”
Richard Halpin, Senior Consultant
The Difference Card helps employers in all industries, to save an average of over 18% on their health insurance costs, while often improving benefits and the experience for employees.
To learn how much The Difference Card can save you, find a consultant in your region or request a proposal today.
