A Texas school district, with 1,400 employees, faced a number of insurance premium increases and plans that did not offer enough benefits to justify these increases.
The previous insurer for Life Insurance planned a 15% rate increase, which would increase the district’s distribution by $2,549.29 annually. The Texas school district had a contract with a Voluntary Life benefits plan that offered less perks and incentives for employees to sign up. Moreover the Short-Term and Long-Term Disability plans did not allow an offset of disability income with salary continuation or sick leave programs to help employees make the most of their benefits.
Not only did the Texas school district have expensive premium increases, but also lacked a convenient way to manage their billing process, and had not performed a health insurance reconciliation for four months. This means any discrepancies or issues were backlogged and went unaddressed.
FBMC Benefits Management, Inc went to market and found a richer, less expensive plan that was customized to fit the district’s needs. FBMC sourced employee assistance programs, accelerated life benefits, children’s higher education benefits, full maternity benefits, and the list goes on. FBMC was able to negotiate a Life Insurance policy that would save the Texas school district over $6,000 a year.
FBMC was also able to find a new Short-Term and Long-Term Disability plan that allowed employees to collect added benefits such as portability after 12 months, guaranteed insurability, world wide travel assistance, premium waivers, and a three-year rate guarantee. The new plan also included the ability to offset disability income with salary continuation or sick leave programs.
In order to help our clients control risk, FBMC assisted the Texas school district with their health insurance reconciliation for seven months to ensure all issues were addressed and taken care of.
- Richer plans for a less expensive price
- Contribution cost lowered by $6,089.83
- Three-year rate guarantee
- Expanded benefits to cover EAP and Dependents
With FBMC on your side, you will have access to a team of professionals who are dedicated to providing a wealth of resources to serve your needs. FBMC continually researches companies to ensure FBMC’s product and services portfolio stays in the employee benefits industry forefront. We also evaluate the market on behalf of our clients to ensure the benefits we recommend are the most complete and competitive in the industry.