A petroleum company based in the Midwest with 119 employees on their health plan was fully-insured, but looking for a more transparent health insurance option.
- The group received a rate continuance from their current fully-insured carrier. The projected premium was $1,251,682.
- VERIS projected costs were $1,115,115 “at expected” & $1,180,073 “at maximum” for claims at 100% and $714,540 was 110% aggregate maximum claims.
- Actual claims shown on the aggregate report were net at $553,324. This reflects a $50,000 specific stop loss level with one stop loss trigger. Claims were -15% below expected.
- VERIS offered the exact same benefits (network & coverage).
- Actual 1st year costs in VERIS were $1,018,857 vs our expected at $1,115,115. Savings to the group vs their renewal premium was $232,825. Even with a maturing adjustment of @10-15% for claims, the group saved approximately $180,000 vs their previous fully-insured plan and almost $100,000 less than we expected.
By joining VERIS, the company gained access to 100% of their data and saw significant yearly savings that they would not have if they stayed with their fully-insured plan.
