Case Studies
Case Study 1: Small Business Client
Issue: A small business in growth mode with a need to attract senior level management.
Goal: Create and provide a comprehensive benefits package to include additional dental, life, disability and pre-tax options while maintaining cost efficiency for the company.
Action Taken: A due diligence review is completed for the highest quality, most cost-effective carrier plans. Consultation includes recommendation, selection, implementation, and communication of final benefit offerings to current and future employees.
Results Achieved: A comprehensive benefit program, designed to attract and retain senior level employees from larger companies where extensive, high-quality benefit packages are the norm. Attention is given to enhancing more cost-efficient programs, including dental, life and disability plans, and a Flexible Spending Account (FSA) for all employees.
Issue: A small business in growth mode with a need to attract senior level management.
Goal: Create and provide a comprehensive benefits package to include additional dental, life, disability and pre-tax options while maintaining cost efficiency for the company.
Action Taken: A due diligence review is completed for the highest quality, most cost-effective carrier plans. Consultation includes recommendation, selection, implementation, and communication of final benefit offerings to current and future employees.
Results Achieved: A comprehensive benefit program, designed to attract and retain senior level employees from larger companies where extensive, high-quality benefit packages are the norm. Attention is given to enhancing more cost-efficient programs, including dental, life and disability plans, and a Flexible Spending Account (FSA) for all employees.
_Case Study 2: Mid-Sized Business Client
Issue: A mid-sized company would like to maintain their same level of medical coverage but cannot sustain
a 25% increase in premium cost and does not want to penalize employees with a large share of this cost
moving forward.
Goal: Develop medical plan options that deliver comprehensive coverage while offering value to both employer
and employees.
Action Taken: Create plans that add deductibles for certain services and flat co-payments for other services. Introduce a Health Reimbursement Arrangement (HRA) for the client to establish and share in covering deductible with employees. Minimize financial liability for both employer and employees through use of an HRA.
Results Achieved: A win-win scenario is achieved. Employer realizes 20% annual healthcare premium reduction for the company. Employees maintain comprehensive level of benefits while enjoying introduction of an HRA to minimize exposure to deductibles for certain services.
Issue: A mid-sized company would like to maintain their same level of medical coverage but cannot sustain
a 25% increase in premium cost and does not want to penalize employees with a large share of this cost
moving forward.
Goal: Develop medical plan options that deliver comprehensive coverage while offering value to both employer
and employees.
Action Taken: Create plans that add deductibles for certain services and flat co-payments for other services. Introduce a Health Reimbursement Arrangement (HRA) for the client to establish and share in covering deductible with employees. Minimize financial liability for both employer and employees through use of an HRA.
Results Achieved: A win-win scenario is achieved. Employer realizes 20% annual healthcare premium reduction for the company. Employees maintain comprehensive level of benefits while enjoying introduction of an HRA to minimize exposure to deductibles for certain services.
_Case Study 3: Mid-Sized Business Client
Issue: An "off" year in sales and profits leads to tight budgets for a mid-sized company. Immediate reduction in premium cost must be achieved while minimizing effects on medical plan coverage for employees.
Goal: Reduce initial 15.5% increase in cost of medical plans with minimal impact to current benefit plan design. Encourage more participation in High Deductible option with Health Savings Account (HSA).
Action Taken: Offer employees medical plan options with varying coverage and price points based upon individual medical needs and financial constraints. Provide additional education and cost incentives for employees to consider low cost plan options.
Results Achieved: A 10% reduction in premium cost is achieved for employer while offering comprehensive options with minimal plan design changes. Reduction in employee contributions is achieved as well. Participation in High Deductible plan increases due to higher employer subsidies for the option bolstered by a a better understanding by employees of the plan's mechanics.
Issue: An "off" year in sales and profits leads to tight budgets for a mid-sized company. Immediate reduction in premium cost must be achieved while minimizing effects on medical plan coverage for employees.
Goal: Reduce initial 15.5% increase in cost of medical plans with minimal impact to current benefit plan design. Encourage more participation in High Deductible option with Health Savings Account (HSA).
Action Taken: Offer employees medical plan options with varying coverage and price points based upon individual medical needs and financial constraints. Provide additional education and cost incentives for employees to consider low cost plan options.
Results Achieved: A 10% reduction in premium cost is achieved for employer while offering comprehensive options with minimal plan design changes. Reduction in employee contributions is achieved as well. Participation in High Deductible plan increases due to higher employer subsidies for the option bolstered by a a better understanding by employees of the plan's mechanics.
_Laurel Benefit
Advisors | 230 North Maple Avenue | Suite B-1 | Marlton NJ
08053 | Phone: 856.380.0796 | Fax: 856.522.0753