Enhancing Employee Benefits While Saving $312K Annually

case study

Client Overview

Company X, an IT services company based in Northern California, employs 150 professionals dedicated to delivering cutting-edge technology solutions. Despite their focus on innovation and employee well-being, they were facing challenges with their existing health insurance plan. The company was working with Insurance Carrier A but struggled with high costs and limited benefits, leading to dissatisfaction among employees and financial pressure on the business.

Case Study

The Challenges

In 2021, Company X approached Matrix seeking a solution that could enhance their employee benefits package without increasing costs. The primary challenges identified were:

High Premiums

The existing plan with Insurance Carrier A was costly, placing a significant financial burden on the company.

Subpar Benefits

Despite the high premiums, the plan offered limited benefits, with high copays and deductibles that were not competitive in the market.

Employee Dissatisfaction

Employees were growing increasingly unhappy with their coverage, which was affecting morale and retention.

Case Study

The Solutions

Matrix conducted a thorough analysis of Company X’s existing benefits plan, assessing the coverage, costs, and employee needs. Our approach included:

Results

The impact of Matrix’s intervention was substantial:

$312,000 Annual Savings:

Company X experienced a dramatic reduction in their annual premiums, saving $312,000 without compromising the quality of benefits provided to employees.

Enhanced Employee Benefits:

The new plan offered by Matrix included lower copays, reduced deductibles, and expanded coverage, greatly improving the overall employee benefits package.

Increased Employee Satisfaction:

With improved benefits and lower out-of-pocket expenses, employee satisfaction saw a marked increase. This, in turn, led to better morale and retention within the company.

Smoother Transition:

Matrix ensured a seamless transition from the old carrier to the new plan, with minimal disruption to employees. We provided ongoing support during the transition, including enrollment assistance and communication to ensure all employees understood the changes and how to maximize their new benefits.

Sustained Value:

Since moving to Matrix, Company X has enjoyed an average annual increase of just 5% in their premiums, well below the industry average, allowing them to continue offering competitive benefits without significant financial strain.

Conclusion

By partnering with Matrix, Company X, a leading IT services company in Northern California, was able to transform their employee benefits package, saving $312,000 annually on premiums while significantly enhancing the benefits offered to their employees. This case exemplifies Matrix’s commitment to delivering customized, cost-effective benefits solutions that meet the needs of both employers and their employees.

Ready to see how Matrix can transform your employee benefits package?

Contact us today to explore your options and start saving while improving your team’s well-being.