Challenge:
250+ employee fire district, with retiree coverage. Insurance trust platform was not meeting the needs and goals of the members and district. Desired greater control over benefit plan designs, costs, retention of cash reserves, strategy, education, wellness, technology, day to day service and compliance. They sought to begin a new relationship with a trusted consultant partner.
Solution:
Completed thorough review of existing programs, vendors, and performance. Conducted market analysis. Designed new strategy based upon discovery with all stakeholders within the organization, vetted and selected new stop loss carrier and administrator, implemented new benefits programs for active and retiree members.
Impact:
Participation in the HSA plan increased from 55% to 100%. Created savings to produce HSA fund of $800 per employee annually. No reduction in benefits for 5 years. Actuarial plan value enhanced in 2019. Prior to Benefit Commerce Group’s involvement, the claims trend was increasing at 8% annually. Since 2013 when BCG became the consultant, annual health plan costs have increased less than 1% per year. During that time, benefits improved and the district paid 100% of plan costs for employees and their families. Overall, since BCG has been this client’s consultant, they have saved $7,778,405 in claims costs vs. median annual trends.
