When a leading concrete company with 160 insured employees sought to enhance their health benefits while managing costs, they turned to Sympl Benefits for answers. Despite having a solid level-funded plan, they knew there was room for improvement in both cost control and employee coverage.
A Fresh Approach to Benefits
In 2023, the company was spending $14,482 per employee annually on their level-funded health insurance plan. While the coverage met their basic needs, they wanted to do more for their team without increasing costs.
Working together, we developed a strategy that would maintain stability while introducing smart improvements.
The solution?
A carefully designed partially self-funded program that kept their existing provider network intact – ensuring employees could continue seeing their trusted healthcare providers without disruption.
The new plan included two key enhancements:
- A tiered network solution to guide employees to high-quality, cost-effective providers
- A prescription optimization program to reduce medication costs
Making Healthcare Dollars Go Further
The results have been remarkable. Less than a year into the new plan, the company is projected to spend $13,135 per employee annually – a 9.5% reduction from the previous year. This means real savings while maintaining excellent coverage for their team.
Even better news arrived recently: their stop-loss insurance carrier confirmed there would be no rate increases for 2025. The company is actually trending toward even lower spending in the coming year.
The Secret to Success? SymplCare
These impressive results stem from our SymplCare program, where dedicated "Symplifiers" help employees make informed healthcare decisions. Through proactive outreach, 24/7 support, and easy mobile access, employees get the guidance they need to find quality care at better prices.
This case study shows that better benefits and lower costs aren't mutually exclusive. With the right approach and support system, companies can achieve both – making healthcare work better for everyone involved.
Ready to make your company's health benefits work better?
Contact us to learn how we can help you reduce costs while improving coverage for your team. Our benefits experts will evaluate your current plan and show you how the SymplCare approach can work for your business.
Contact: https://www.symplbenefits.com/contact
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Ready to take the next step?
Sympl Benefits is proud to serve as your trusted employee health benefits consulting firm. To connect with our team of Symplifiers, give us a call or reach out online.