Case Study for a broadcasting company (68 people covered)
Total Monthly Savings
$4,181.78*
Total Annual Savings
$50,181.36*
The example below shows a 68 person broadcasting company that currently offers their employees a $2,000 deductible BC/BS plan. At renewal, the group received a 19% increase, raising their $400,000 annual premium to $477,980.76. To save the employer premium and maintain benefits, the broker recommended changing to an affordable High Deductible Major Medical, then adding our group supplemental insurance plan to fill the deductible and cost sharing holes.
The Result? A guaranteed annual savings of over $50,000. The employer saved money. The employees maintained the same deductible. And the agent earned commission on both plans — the major medical and the Premium Saver.
Current Plan
| Deductible | Coinsurance % | Coinsurance Out-of-Pocket | Doctor Visit Co-Pay | Drug Card Co-Pay |
Drug Deductible | |
|---|---|---|---|---|---|---|
| BC/BS Plan | $2,000 | 70/30% | $2,000 | $25/50 | $8/35/50/85 | $0 |
| # of Employees | Medical Rates | Total Monthly Premium* |
Total Annual Premium | |||
| Employee | 59 | $422.14 | $24,906.26 | $298,875.12 | ||
| Employee & Spouse | 4 | $864.54 | $3,458.16 | $41,497.92 | ||
| EE + Children | 3 | $799.11 | $2,397.33 | $28,767.96 | ||
| Family | 2 | $1,295.54 | $2,591.08 | $31,092.96 | ||
| Totals | 68 | $3,381.33 | $33,352.83 | $400,233.96 | ||
* Total Monthly Premium = Number of Employees * Medical Rates
Renewal Plan
| Deductible | Coinsurance % | Coinsurance Out-of-Pocket | Doctor Visit Co-Pay | Drug Card Co-Pay |
Drug Deductible | |
|---|---|---|---|---|---|---|
| BC/BS Plan | $2,000 | 70/30% | $2,000 | $25/50 | $8/35/50/85 | $0 |
| # of Employees | Medical Rates | Total Monthly Premium* |
Total Annual Premium | |||
| Employee | 59 | $504.14 | $29,744.26 | $356,931.12 | ||
| Employee & Spouse | 4 | $1,032.47 | $4,129.88 | $49,558.56 | ||
| EE + Children | 3 | $954.33 | $2,862.99 | $34,355.88 | ||
| Family | 2 | $1,547.30 | $3,094.60 | $37,135.20 | ||
| Totals | 68 | $4,038.24 | $39,831.73 | $477,980.76 | ||
* Total Monthly Premium = Number of Employees * Medical Rates
Premium Saver Plan
| Deductible | Coinsurance % | Coinsurance Out-of-Pocket | Doctor Visit Co-Pay | Drug Card Co-Pay |
Drug Deductible | |
|---|---|---|---|---|---|---|
| BC/BS Plan | $5,000 | 60/40% | $1,350 | $35/70 | $8/35/50/85 | $0 |
| Premium Saver | $2,000 | 60/40% | $1,350 | |||
| Combined Plan Totals | $2,000 | 60/40% | $1,350 | $35/70 | $8/35/50/85 | $0 |
* $3,000 Benefit after the insured meets a $2,000 deductible and 40% coinsurance
Premium Saver Monthly Premium (Bronze Plan + Premium Saver)
| # of Employees | Medical Rates | Premium Saver Rates | Combined Rates | Total Monthly Premium |
Total Annual Premium | |
|---|---|---|---|---|---|---|
| Employee | 59 | $409.85 | $41.44 | $451.29 | $26,626.11 | $319,513.32 |
| Employee & Spouse | 4 | $839.37 | $88.77 | $928.14 | $3,712.56 | $44,550.72 |
| EE + Children | 3 | $775.84 | $75.52 | $851.36 | $2,554.08 | $30,648.96 |
| Family | 2 | $1,257.82 | $120.78 | $1,378.60 | $2,757.20 | $33,086.40 |
| Totals | 68 | $3,282.88 | $326.51 | $3,609.39 | $35,649.95 | $427,799.40 |
| Total Monthly Savings | $4,181.78* |
| Total Annual Savings | $50,181.36* |
* Rates and savings will vary by group. This is an example.
