In the midst of receiving massive medical plan increases, this educational institution was seeking alternative solutions to reducing costs or cutting departmental funding. Lack of risk management were leading to six figure increases year over year, causing the group to take action to mitigate out of control cost increases.
In the aftermath of the 2008 financial crisis and in the midst of a struggling automotive industry, the client was looking for creative ideas to reduce operating costs and avoid extreme layoffs. Inefficiencies in the current plan were increasing financial risk to the company due to unchecked and escalating premium costs.
The client was looking for greater value from their broker relationship and needed better advice on plan design ideas and compliance. The client did not have a wellness program in place nor did they have an employee assistance program and was paying for COBRA administration.
A fully-insured Chicago-based professional services agency with 321 covered lives had high costs and risk associated with their low-deductible, expensive health plans. The client wanted to continue to provide competitive benefits plans that took care of its people but that was sustainable for the company and its workforce. A consumer-driven health plan, which would drive costs down, had been proposed to the company but the option was considered too extreme.