Midwest Real Estate Company Goes From a 37% Increase to an 11% Decrease
- Cottingham & Butler
- 2 days ago
- 1 min read
The Situation
Midwest-based real estate company faced a massive renewal of 37% from its current medical insurance carrier. With limited alternatives initially presented to them by their benefits broker, they decided to explore the market and see their options to avoid a $200,000 increase in costs.
Key Wins
Why They Needed Change
Substantial Premium Increase: An unanticipated 37% increase in medical premiums threatened financial stability for the organization.
Limited Alternatives: Plan design alternatives and solely going to the incumbent to negotiate weren’t going to cut it for this renewal. Multiple options and a more thorough marketing process were needed.
Minimize Employee Impact: The company didn’t want to pass on a significant cost burden to employees and hurt their retention efforts. Options that would keep employee benefits competitive while reducing company costs were necessary
Overall, by engaging with Cottingham & Butler, the group was able to craft a more affordable, simplified, and competitive suite of benefits for all parties involved.