September Case Study: The Difference Card Helps Country Club to Improve Health Benefits and Save Over $65,000 Annually!
This country club employer is located in South Florida with 73 employees enrolled in their health plan. This company was spending over $760,000 on their health insurance plan and was faced with a 9% renewal.
This rate change from Florida Blue would have increased their healthcare spend to over $830,000. The organization turned to their insurance consultant at World Insurance to find a solution to this renewal problem.
Brian Correia from the World Insurance team in Miami, FL partnered with Alex Polyezos from the Difference Card Florida team to develop the right strategy for this customer.
The current employee benefits design had four plan options with a range of deductibles from $1,500 to $5,000. Brian and the World Insurance team worked with their insurance carrier partners to issue one underlying high deductible health plan. This more efficient plan structure drove the fixed carrier premiums down by over -30%, which was worth over $250,000 in fixed cost savings.
Next, Brian and Alex worked with the client to structure the right Difference Card MERP funding strategy for their organization. The customer decided to simplify the original four option design down to two plans for employees to chose from.
In addition to the more streamlined plan structure, the employer also improved the net benefits for their staff. Employees were able to achieve lower out of pocket costs when they use the plan at a healthcare provider and the company was able to wipe away their renewal increase completely. This yielded a Guaranteed Savings of over $65,000.
The client opted to purchase the Monthly Budget Difference Guarantee program, which capped their reimbursement liability. This feature not only guarantees that the employer will stay within their budget, but also will give them a 100% return on any surplus, if their employees utilize the healthcare plan less than expected.
Brian is a trailblazer who is forward thinking and collaborative. Rather than take the path of least resistance and accept a 9% increase or reduce benefits, both lose/lose situations, Brian rolled up his sleeves to work together and customize a solution that would simplify the clients plan offerings, improve benefits and guarantee savings.
Alex Polyezos, 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.
