Auto Dealer Cuts Health Plan Costs by $900,000 with 5G Benefits’ Approach

An auto dealership with 125 employees faced a significant challenge with their health insurance costs. Despite having a plan with low deductibles and a large provider network, their claims were spiraling out of control, threatening their financial stability.

The Situation

The auto dealer was self-funded and working with a large, national agency. On paper, everything looked fine:

Low deductibles for employees
Large provider network
Familiar, big-name agency

However, beneath the surface, several issues were draining their resources:

Poor discounts from the provider network
Hidden fees from the stop-loss carrier
Two high-cost claimants driving up overall expenses

To complicate matters, the HR Director had a strong relationship with their current broker, making any potential change seem risky and undesirable.

Enter 5G Benefits

When 5G Benefits approached the auto dealer, skepticism was high. How could this company possibly save them money when their current setup seemed so comprehensive?

The answer lay in 5G’s unique approach: Intercept.

The Intercept Process

High-Cost Claimant Analysis: 5G worked directly with the high-cost claimants to identify cost-saving programs they qualified for, addressing one of the root causes of the escalating expenses.
Strategic Market Quoting: By quoting the market without the high-cost claimants, 5G opened up more options for the company. This led to a shift towards more transparent self-funded vendors.
Proactive Care Navigation: Implementing this system ensured that employees had guidance in making healthcare decisions, potentially preventing future high-cost claims.
Prescription Drug Cost Management: 5G tackled the often-overlooked area of prescription costs, utilizing international sourcing to dramatically reduce expenses.

The Results

The impact of 5G’s Intercept process was immediate and substantial:

Annual savings of $900,000
Improved coverage for employees
Access to healthcare decision support for all employees
$0 cost medications for employees through international sourcing

Beyond the Numbers

While the financial savings are impressive, the real victory lies in the improved healthcare experience for employees. With better coverage and support in making healthcare decisions, the auto dealer’s staff now has more confidence in their benefits package.

The ability to obtain necessary medications at no cost is a game-changer for many employees, potentially leading to better health outcomes and increased job satisfaction.

A New Approach to Health Plan Benefits

This success story highlights the importance of looking beyond traditional health plan solutions. By challenging the status quo and implementing innovative strategies, 5G Benefits demonstrated that it’s possible to significantly reduce costs without sacrificing the quality of care or disrupting employees.

For companies facing similar challenges with their health plan costs, this auto dealer’s experience serves as a compelling case study. It shows that with the right partner and a willingness to explore new approaches, substantial savings and improved employee benefits are within reach.

Ready to Learn More?

If you’re interested in exploring how the Intercept approach can benefit your company and employees, we’d love to connect with you. Reach out to us on LinkedIn or visit our website for more information on how we can help you navigate the complex world of health insurance while prioritizing both cost savings and employee well-being.

– Connect with us on LinkedIn
– Visit our website: https://5gbenefits.com/

Take the first step towards smarter, more employee-friendly health insurance solutions today.