Alternative Benefits Options
Client Moves from Fully Insured Plan to Level Funded Plan, Saves $62,000
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Client Moves from Fully Insured Plan to Level Funded Plan, Saves $62,000
The Client
Nutrition and Retail Company with 75 employees at the time of this event
The Challenge
The client was given no transparency on their claims cost or renewal increase because they were enrolled in a fully insured plan.
The Solution
Caravus helped the client move to a Level Funded plan that offered utilization and claims funding reports – giving them the transparency they desired while providing Caravus the opportunity to have a consultative renewal discussion with the client each year.
The Outcome
After moving to the Level Funded plan option, the client saved $62,000. The following renewal, after evaluating the group’s claims, Caravus negotiated that year’s renewal down from a 7% to a 3% increase. The group received a $45,000 surplus after that plan year ended. The year after that, Caravus negotiated the renewal down from another 7% increase to a rate pass, and the group received another surplus of $50,000.
42% of small firms offering health benefits offered a level-funded plan in 2021,
an increase of 13% from 2020.
2021 KFF Employer Health Benefits Survey
Whether you’re considering alternative benefits options like a level-funded plan model or just looking for a broker that treats you like a partner, Caravus benefits experts are here to help guide you down the path that best fits your organization’s needs.
The story doesn’t end here.
We’ve insured healthier tomorrows for other clients as well.
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