Move From Level-funded to Self-funded Yields Huge Savings, Same Great Benefits
Move From Level-funded to Self-funded Yields Huge Savings, Same Great Benefits
An investment research company based in New York, needed an insurance company that would work with them—not against them. More specifically, the owner’s wife found herself constantly dealing with the burden of multiple phone transfers, being put on hold, and fighting to fill prescriptions and gather essentials for their diabetic son. With over 200 employees, it became clear that if the owners were seeing this amount of hassle just to maintain their basic healthcare needs, then their employees must be struggling as well. This company needed a healthcare provider that would:
This investment research company found their home with EVHC and our customized partially self-funded insurance plans. A key aspect of that customization is the fact that EVHC provides a one-on- one personal concierge-level service meant to make employees feel supported. EVHC provided:
“The whole point of health insurance is to make employees feel protected and support. Insurance shouldn’t feel transactional or complicated. For the first time, our employees and families are getting the support they need—around the clock—instead of having to fight for it.”
- Customer
In just the first year, this investment research company experienced:
All their healthcare needs and services fulfilled without having to continuously call or wait on hold to ensure basic needs were met
Fewer headaches dealing with health insurance, more time to devote to the business
The peace of mind that comes with personalized service and support
We projected cost savings of just over $1 million annually by 2023. But the numbers have been even better than we thought. By switching to EVHC, the client is experiencing annual savings of more than $1.4 million.
Company Gains a Competitive Advantage Through Partially Self-funded Insurance Break down health insurance barriers A New York-based financial services firm that employs some of the world’s brightest young minds from the worlds of mathematics, computer science, statistics, physics, and more was looking to enhance employee productivity through better healthcare. The company competes with major corporations to recruit employees from some of the country’s top schools and has built an exemplary corporate culture onsite restaurants, gyms, and other amenities) that encourages productivity. The firm found that traditional fully funded healthcare plans didn’t fit with this culture. It needed solutions that were flexible, easy to use, and didn’t get in the way of employee productivity. Company management wanted their employees to focus on work, not overcoming the barriers (dealing with hard to work with carriers, navigating complicated networks and coverage plans, and more) typically associated with health insurance. The firm looked at partially self-funded insurance alternatives to help them: - Attract top-tier talent through health insurance benefits - Eliminate the number of hours employees waste talking to insurance carriers so they could focus on their jobs - Provide employees with great coverage options EVHC’s flexible partially self-funded plans The firm turned to EVHC, which offers highly customized and flexible partially self-funded insurance plans that allow employees to enjoy unparalleled coverage while providing companies with exceptional insurance benefits. EVHC provided the organization with: - A customizable plan that allows employees to use both in-network and out-of-network providers at little cost - Access to three of the nation’s four largest provider networks - 24/7 concierge-level customer service, including member education programs - Low individual deductibles - Greater price transparency - An easy-to-use HRIS platform for fast access to health insurance information, improving productivity and time savings - Insights into employee wellness across four categories (colorectal cancer screening, cervical cancer screening, flu vaccination, and breast cancer screening) Happier employees—and a competitive advantage The firm is now able to offer new and current employees with no hassle health insurance coverage that fits their culture and employees’ lifestyles. Many of the company’s employees are young, fresh out of college, and working hard at jobs they love. They don’t have time to worry about the hoops a fully funded provider will put them through. Now, they don’t have to. They can focus on being productive, driving business for the company, staying healthy, and enjoying the complimentary video games (and the firm’s many other great perks).
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0 rate increases, great coverage, and millions of dollars saved result in a win for car dealership and its employees Drive Costs Down, Maintain Great Coverage Tired of the skyrocketing costs and headaches associated with their fully insured carrier, one of the Southeast’s largest car dealerships began to explore the benefits of partially self-funded insurance. This Georgia-based automotive company has 28 dealerships and more than 700 employees. They were paying a fully insured carrier millions of dollars per year—and the carrier planned to increase those annual costs by 38%. They were also struggling to manage plans across dealerships, all of which had their own unique coverage. This automotive company looked at partially self-funded insurance alternatives to help them: - Keep their margins (the difference between claims liability and actuarially expected claims), resulting in millions in savings - Consolidate insurance coverage across all dealerships - Retain access to the nation’s largest provider networks - Provide employees with even better coverage options “When the carrier told us about their proposed rate increase, I was shocked. How were we supposed to be able to pay those margins? We desperately needed an alternative that would provide our employees with great care without breaking the bank.” EVHC’s Partially Self-funded Insurance This automotive company turned to EVHC, which offers customized partially self-funded insurance plans that help companies save money without losing coverage. EVHC provided them with: -The ability to only pay for the actual cost of employees’ claims -Low individual deductibles -Access to three of the nation’s four largest provider networks -24/7 concierge-level customer service, including member education programs -Flexible plan designs, including home healthcare and diabetes treatment options -Greater price transparency For the first time ever our premiums remained flat year-over-year. That, combined with millions in overall savings, great customer care, and even better benefits for our employees, has made our relationship with EVHC a winner. Millions in Savings, Better Coverage In just the first year, this automotive company experienced: - A consolidated insurance plan covering 700+ employees across 28 dealerships for easier administration and better continuity - $1.4 Million in Savings - 100% of employees covered at no risk to the company EVHC is also creating a customized diabetes management program with partner Livongo that will allow diabetic employees to enjoy cost savings, direct delivery of supplies, and more, and helping this automotive company save money on internationally-sourced prescription drugs.
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