Even financial institutions can use help saving money. Like other businesses, they have employees who require healthcare plans and benefits. Clark & Lavey serves all kinds of organizations, and we’re proud to work with many in the finance world. We’d like to share the story of one success story—a credit union that wanted help keeping costs aligned across branches in several states.
This particular client is a financial institution who opened their doors more than 80 years ago with a small clientele, servicing a few small businesses. Today, they have nearly a dozen locations in several states, approximately 175 employees, and are still growing.
Like many organizations, the constant increases to their health plan premiums was a cause of concern for both the organization and their employees. They were looking for ways to lower their spending without having to sacrifice the quality of their health plan offerings.
Clark & Lavey performed an analysis on their current benefit plan, reviewing claims experience data, identified trends and provided a predictive analysis of various outcomes – from remaining in a fully-insured program, to a self-insured through a medical captive. They became a client and joined InCap, our medical captive. To date, their savings have totaled over half a million dollars in savings: $592,988 total.
Below is a breakdown of their cost savings, year over year:
• 2015 – $271,000
• 2016 – $325,000
• 2017 – $54,000
• 2018 – $34,000
If you are interested in experiencing cost savings like this and want to learn more about the InCap Solution, contact us today! Our knowledgeable and experienced professionals are standing by to assist you.