TAMPA, FL--(Marketwired - October 20, 2016) - What's one thing employers across America have in common? Rising healthcare costs. Health insurance companies are seeking rate increases of 20 - 40% or more and employers are faced with the option of raising employee's premiums or decreasing benefits to compensate.
In Florida, this was Union County municipality's reality. "We felt like we were being slowly suffocated by our health insurance costs," said County Commissioner Jimmy Tallman.
In an effort to continue comprehensive coverage for their employees while maintaining fiscal responsibility with taxpayer money, the choice was made to raise the health plan deductible. However, raising the deductible to lower the cost of the plan for one year was only a temporary solution and would not benefit the employees. Without addressing claims, they would be faced again with rising health insurance costs.
"Our agent, in conjunction with AvMed Health Plans, our health care provider, suggested BeniComp Advantage and we knew they could be our solution," Tallman said. "Since having BeniComp incorporated into Union County's health plan, we have saved $8,357 per participant for a total of $651,842 in addition to our agent reducing commissions. In addition, Union County has saved thousands of dollars in taxpayer money."
As a supplemental preventive health policy, BeniComp Advantage rewards participants for meeting or exceeding health goals based on a biometric screening. After AvMed and BeniComp created a customized strategy, Union County decided to raise their base plan deductible and add a BeniComp Advantage policy. Instead of an increase at renewal by the health insurance company, the premiums decreased by 22%, resulting in first year savings of over $182,000. Decreasing the number, size, and frequency of claims led to decreasing total health insurance premiums for two years at a time when most groups experienced double digit increases.
With two full years of screening and claim information, it is easy to see why Union County is saving money. Once they added BeniComp to their health plan, they saw employees losing weight, smokers quitting and cholesterol numbers improving. Remarkably, 73% of participants had improved fasting blood sugar levels. Healthy changes like these can have profound effects on chronic diseases such as diabetes, heart disease, and cancer. BeniComp provides one-on-one coaches who educate and support employees toward healthier lifestyle choices. Many employees have made great strides toward a newfound healthy lifestyle and are completely changed as a result.
Union County has entered their third year utilizing BeniComp Advantage. For their July 1, 2016 renewal, due to an excellent claims experience report, their renewal decreased by $5.36 per employee per month. The result was a $5,000+ savings for county taxpayers from the previous year, while most companies experienced double digit increases worth tens or hundreds of thousands of dollars. With their total healthcare spending of 32% less today than the trended projection from 2013, employees can have a comprehensive benefit package that is sustainable for the foreseeable future and taxpayers can rest assure their tax dollars are being conservatively spent on county employee's healthcare.
Founded in 1962, BeniComp later expanded its services to include BeniComp® Advantage, a supplemental health insurance product that identifies health risks early and aims to proactively improve the health in America through groups. Offering preventive health solutions in all 50 states, BeniComp's patent-pending policy has received numerous awards for innovation and best practices. BeniComp has been featured in Forbes Magazine, Employee Benefit News, The Wall Street Journal, USA Today, Medscape and other publications for its innovative approach to providing solutions. For more information about BeniComp, visit benicomp.com.