Ancillary Benefits Consulting - Case Study
(Large Employer - Low Wage
Earners)
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Coverage
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Results of Consulting
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Self Insured
STD |
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- Plan design changes saved $921,482
annually
- Benefit plan is more appropriate for industry
- Implemented risk control for adverse risk exposure
- Enhanced administrative streamlines
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LTD |
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- Plan design changes saved $390,663
annually
- Improved contract terms
- Increased coverage for key executives
- Resolved gaps between contracts and SPD
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Life/AD&D |
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- Plan design changes saved $981,295
annually
- Increased benefits provisions: Guarantee issue amount;
maximum amount; AD&D benefit provisions
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Self Insured STD |
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- Classified implemented union groups (100+)
- Industry comparison benchmarking
- Developed unified STD plan for all non union hourly
- Consulted on adequacy of funding and projected future cost of
all STD plans
- Consolidated State plans saving $114,496
annually
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Merger
& Acquisition Activity |
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- Provided gap analysis revealing differences
& opportunities
- Developed annual savings of $811,545 plan
designed changes and consolidating coverages.
Savings allowed client to purchase LTD coverage for all
employees
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Disability Program |
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- Replaced virtually unattainable Disability benefits to
eliminate 72 prerequisite hour hospital stay
- Designed unique STD/LTD Combo benefit
- Moved the Hawaii and New York Plans to new carrier resulting in
savings of $690,000 and integrated claim
processing
- Implemented Telephonic Reporting to alleviate administrative
burden for claim processing
- Outsourced Evidence of Insurability Process to carrier at no
additional cost
- Improved contract terms and resolved conflicts between
policy/SPD
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