Group benefits isn't just the medical plan.
How a 50-person Tennessee manufacturer kept its medical plan and rebuilt everything around it.
Sometimes the right answer is “keep it.”
We were brought in by the CFO to take a second look.
This local manufacturer: about 50 employees, median age 56, more than a third over 60, and many of them have been with the company for years.
Staff liked their medical plan. We shopped it against the market anyway. It still fit them best, so we kept it as is.
Neither plan had been reviewed in over a decade.
The employer was already paying most of the life and disability premiums for staff.
Life coverage capped at $50,000
No life coverage for spouses or children
Life coverage cut 35% at age 65
Disability with a pre-existing-condition limitation
Not a good setup for a workforce with a median age of 56 and a third of staff over 60.
The savings went back to the bottom line — and to the people.
Shopped against the market, comparable life coverage came in 43% lower cost.
Instead of just pocketing the savings, the employer went further:
Voluntary life and disability, rebuilt.
- Previously, staff could not cover their spouse or children
- No age reductions (previous plan reduced by 35% at age 65)
- Rates locked for three years
No pre-existing-condition limitation, whereas the previous plan had one.
Twelve employees took $100,000 or more. Under the old plan, $50,000 was the max.
Every line reviewed. The whole package, stronger.
A renewal is a chance to reevaluate every line of coverage, especially the ones no one has looked at in years.
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