A 100 life manufacturing client located in the Philadelphia region with locations in 2 other states received a 17% medical and prescription drug renewal increase. Here are the highlights and the results Model Consulting achieved for this client.
Initial Medical Renewal: 17.2% or $142,136 overall increase.
Conducted comprehensive national and local marketing.
Model negotiated the renewal, which resulted in an overall increase of 14.6%. An estimated $21,631 savings from renewal.
Implemented BlueCross BlueShield in Texas effective May 1 resulting in an additional $23,342 in annual savings (cumulative 2008 savings of $44,973 from original renewal).
Average medical and prescription cost per employee per month is $813.47 based on projected enrollment.
Client contributed 71% of total plan cost.
Requested early renewal from carrier for Basic Life, LTD, Voluntary STD and Voluntary Life.
Conducted comprehensive Basic Life, LTD, Voluntary STD and Voluntary Life market analysis.
Negotiated two year rate guarantee with the carrier and aligned renewal dates for all lines of coverage.
Implemented and provide Cobra Administration at no cost.
Implemented and provide eligibility processing at no cost.
