Case Study for a 58 life group
Total Monthly Savings
$5,483.60*
Total Annual Savings
$65,803.20*
The example below shows a 58 life group that currently offers their employees a $2,000 deductible BC/BS plan. At renewal, the group received a 27% increase, raising their $316,623.36 annual premium to $402,113.52. 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 $65,000. The employer saved money. The employees maintained their deductible. And the agent earned commission on both plans — the major medical and the Premium Saver.
Current Plan: BCBS
Deductible: $2000
Coinsurance: 80/20% to $1,500
Dr. Copay: $20/20
Rx Copay: $10/25/50/100
| Current MM Rates | # on Plan | Total Monthly Premium | |
|---|---|---|---|
| Employee | $311.15 | 40 | $12,446.00 |
| Employee & Spouse | $653.40 | 6 | $3,920.40 |
| EE + Child(ren) | $575.62 | 4 | $2,302.48 |
| Family | $964.55 | 8 | $7,716.40 |
| BCBS Total | $26,385.28 | ||
Renewal Plan: BCBS
Deductible: $2000
Coinsurance: 80/20% to $1,500
Dr. Copay: $20/20
Rx Copay: $10/25/50/100
| Renewal MM Rates | # on Plan | Total Monthly Premium | |
|---|---|---|---|
| Employee | $395.16 | 40 | $15,806.40 |
| Employee & Spouse | $829.83 | 6 | $4,978.98 |
| EE + Child(ren) | $731.04 | 4 | $2,924.16 |
| Family | $1,224.99 | 8 | $9,799.92 |
| BCBS Total | $33,509.46 | ||
Alternate Major Medical Plan: BCBS
Lower Cost High Deductible Plan
Deductible: $5,000
Coinsurance: 80/20% to $1,500
Dr. Copay: $20/45
Rx Copay: $10/25/50/100
Premium Saver: AmFirst Insurance Company
Deductible: $2,000 per person
Coinsurance: 20% to $1,500
Benefit $3,000
| Alternate Plan MM Rates |
Premium Saver Rates |
# on Plan | Total New Monthly Premium |
|
|---|---|---|---|---|
| Employee | $292.56 | $40.19 | 40 | $13,310.00 |
| Employee & Spouse | $614.37 | $78.70 | 6 | $4,158.42 |
| EE + Child(ren) | $541.23 | $70.23 | 4 | $2,445.84 |
| Family | $906.96 | $106.99 | 8 | $8,111.60 |
| BCBS + Premium Saver Total | $28,025.86 | |||
Total Monthly Savings
$5,483.60*
Total Annual Savings