Client Sees $30K Savings with Increased Benefit Offerings After Moving to Dual-Option Plan

The Client

Large Employer Operating in the Metal Fabrication Industry

The Challenge

The client offered a single plan option to their employees. At renewal, the group’s medical plan projected a $116,000 increase. At the time, they did not offer vision or any voluntary benefits.

The Solution

After an analysis of plan options, Caravus suggested the group move to a dual-option plan, allowing employees more benefits choices at lower costs.

Caravus was also able to add paid vision and other voluntary options to the group’s overall benefits plan, without a significant increase in cost to the employer.

In addition, the group moved their benefits administration processes to Caravus Connect, making it much easier for employees to enroll in all their new benefits options.

The Outcome

The dual-option switch saved the plan sponsor $30,000 on their medical plan, and the group was now able to offer a full stack of benefits – including dental, paid vision, voluntary life, accident, and critical illness – for the first time in company history.

When the CEO announced to their employees that they now had more benefit options than before – at a lower cost – they were met with a standing ovation!