Captive Solutions for Financial Institution
Even financial institutions can use help when it comes to saving money. They have employees who require healthcare plans and benefits just as any other business. Clark & Lavey is proud to work with many organizations in the finance world. Here is one success story—a credit union that wanted help keeping costs aligned across branches in several states.
The client is a financial institution who opened their doors more than eighty 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.
We 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 $592,988 in savings.
Below is a breakdown of their cost savings, year over year:
2015 = $271,000
2016 = $325,000
2017 = $54,000
2018 = $34,000
Total savings over four years = $592,988