Issue
This client approached CBIZ with concerns regarding sagging enrollment and low overall employee satisfaction with its benefits plan. Utilizing internal data analytics, our client service team determined that the employee premiums were higher than industry benchmarks. Our actuarial team then went to work to identify a smart cost-containment solution.
Solution
- We collected updated benchmarking data to determine how the client’s current employee premiums stack up against industry averages.
- Our actuarial team then identified possible contribution strategy changes that could be made to combat the high employee premiums, and helped the client weigh the benefits of keeping their current plan structure vs. moving to a self-funded plan.
Outcome
- As a result of our actuarial team’s analysis, the client chose to transition to a self-funded plan, which resulted in lower costs overall.
- Employee enrollment and participation in the new health plan increased, and satisfaction with benefits improved due to lower premiums.
| Company Information | |
|---|---|
| Industry | Construction |
| Geographic Footprint | National |
| Number of Employees | 2,100 |
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