Even banks and financial institutions can use help to save money. They have employees who require healthcare plans and benefits like any other business. Clark & Lavey is proud to provide financial organization and bank benefits packages for employees that save on healthcare costs. To learn more, read this success story of a credit union that wanted help keeping costs aligned across branches in several states.
The Client in Need
We worked with a financial institution that opened their doors more than eighty years ago. They first opened with a small clientele, servicing a few small businesses. When they moved to self-funding, they had approximately 175 employees and were still growing. Today, they have nearly a dozen locations in several states.
Challenge: Expensive Financial/Bank Benefits Packages
Like many organizations, the constant increases to their health plan premiums were a cause of concern. Both the organization and their employees wanted to lower their spending. However, they did not want to sacrifice the quality of their health care offerings. So, they worked with us to develop financial/bank benefits packages that were affordable and robust.
The Solution We Provided
First, we performed an analysis on their current benefit plan. We reviewed their claims experience data, identified trends, and provided a predictive analysis of various outcomes, from remaining in fully-insured packages to self-insured financial/bank benefits packages through a medical captive. After reviewing their options, they joined our medical captive program InCap.
The Results of Our Services
Below is a breakdown of their cost savings, year over year:
2015 = $271,000
2016 = $239,000
2017 = ($8,000)*
2018 = $156,000
2019 = $646,000
2020 = $204,000
Total savings over six years = $1,508,000
*Due to a number of high cost claimants, the client did not save over what premium expenses would have been in 2017. However, it was more than made up for in prior and post years. Additionally, if they had been fully insured, their 2018 increase would have been significantly higher than in the self-funded arena.
“The transition was seamless and (Clark & Lavey) makes it easy for you,” said the company’s Senior VP of HR. “When we are wearing five different hats, Clark & Lavey just need a date and time, and they take care of the rest… Within the first 3 years of the program, a lot of employees stopped smoking thanks to the wellness program education and accountability.”
Offer Affordable Financial/Bank Benefits Packages
Contact our team now to learn if your organization is a good fit for financial/bank benefits packages such as InCap. Our helpful team will provide you with a company assessment to determine the best benefits solutions for you. You can save thousands of dollars in employee healthcare costs; get started today!