The Situation
A Texas small business had low participation in their unaffordable & inadequate health plan. They were also saddled with a cumbersome enrollment method and a broker that was unable able to offer them the necessary creative solutions.
The Solution
FBMC Benefits Management, Inc suggested that the client move to a level-funded plan where the use of Humana’s proprietary underwriting tool was utilized to streamline the underwriting process. A level-funded plan is a partially self funded plan that includes the customization of a self funded plan, and has the financial security of a fully funded plan. FBMC recommended a level-funded plan because of it’s cost affordability and comprehensive benefits package for employees.
The Texas small business was able to raise participation with a quality, comprehensive benefits package.
The Results
- FBMC Benefits Management, Inc. was awarded the business.
- Now they are able to offer a comprehensive, competitively priced benefit package that rivals those offered by most larger employers
- Premium rates were reduced between 60%-230%, while providing plans with increased benefits
- Due to lower rates and richer plan options now offered, participation went from under 50% to nearly 100%
Our Account Services Team offers strategic planning which includes evaluation of current plan designs for potential cost containment opportunities and assistance with complex service needs. We take nothing for granted and will always work in the best interest of you and your employees bringing the best solutions in the industry. Our commitment to quality and innovation helps us protect our clients and ensure customer satisfaction.
