Enhancing Employee Benefits While Saving $312K Annually
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.
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.
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:
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.