Solutions

Fully Insured Renewal Cost Analysis

With the consolidation of medical insurance carriers and medical coverage options over the past ten years, it is frequently difficult for employers to secure more than three or four competing bids when they renew their health insurance coverage each year. Depending upon the demographics of the employer and their medical claims history, the actual number of potential bidders may be as few as two. So, where does an employer look for an objective evaluation of their medical coverage renewal costs? Medcom Benefit Solutions.

We provide a comprehensive analysis of the medical claims history for the group in order to detect prevailing trends and an actuarial projection of where the premiums should be targeted for the next year. We frequently uncover mathematical mistakes, over-inflated fees for line items like carrier “pooling charges” and other areas where a “second opinion” from a certified actuary may make a significant difference. In a worst case scenario, we may end up validating the renewal levels established by the carrier and support their position.

Healthcare costs are much too high to leave a renewal projection to chance. A three (3%) percent reduction in cost on a $5,000,000 renewal premium that directly results from a rigorous actuarial analysis will transfer $150,000 to the bottom line.

Medcom Benefit Solutions is positioned to assist employers of all sizes in evaluating the financial impact of their plan renewals. Many of our clients and insurance consultants engage us annually to make absolutely sure that all of their renewal options have been fully explored.

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