Success Stories
Employee Benefits Success Stories
A wire goods manufacturer needed to retain their employees and continue to attract new employees due to the growth they were experiencing. In an effort to achieve their company goals they maintained a $0 deductible health insurance plan and kept the out of pocket costs for their employees very low. The belief was that a “Cadillac” health insurance program would help them retain and attract the skilled employees needed to succeed in their industry.
Security Insurance presented a high deductible program with a health savings account (HSA) program. We were able to find a plan with an alternative health insurance carrier that reduced the annual health insurance premiums $11,000 per employee per year. The deductibles increased to $2,000 for singles and $4,000 for family coverage, with 100% in-network coverage after the deductible. This employer decided to fund an HSA equal to the annual deductible with a portion of the savings.
The final result is that the employees now enjoy a fully funded HSA program with unused portions of their HSA carried over into future years. The employer is saving a total of $133,000 during the first year of the new plan!