How One Company Uncovered Hidden Savings in Their Employee Benefits Plan

The Challenge

A mid-sized company with 110 employees had been offering a fully insured health plan for years. The CFO and HR director were concerned about rising costs but assumed their benefits package was competitive. They lacked a clear way to assess whether they were overpaying or if alternative plan structures could provide better value.

Their primary concerns:

• Rising annual premiums with no clear justification
• Uncertainty about cost-effectiveness compared to similar businesses
• Lack of visibility into potential inefficiencies or cost-saving opportunities

Despite making minor adjustments over the years, they had never conducted a full benchmarking analysis against national data.

The Solution

After discovering ScoreMyBenefits.ai, the company decided to use the tool to evaluate their plan. In just a few minutes, they input:

• The total monthly premium they were paying
• The distribution of employees across different coverage tiers
• The type of plan they were using (fully insured)

The tool generated a custom Benefits Score and a detailed cost breakdown, highlighting areas where they could optimize coverage while controlling expenses.

Key Findings

• Their fully insured plan costs were 18% higher than industry benchmarks for companies of their size.
• They were paying for coverage unused by 35% of employees, who opted for lower-tier options that weren’t available in their current structure.
• A level-funded plan alternative could reduce their costs without sacrificing coverage quality.

The Outcome

After reviewing the analysis, the company worked with Worksite X to transition to a level-funded plan while adjusting coverage options to better align with employee needs.

?? Total projected savings: $47,000 annually ?? Reduced employee premium contributions by 12% ?? Maintained the same level of coverage with more flexibility

See How Your Plan Measures Up

This company’s experience is not unique. Many businesses unknowingly overpay for benefits, assuming that rising costs are unavoidable. A quick analysis using ScoreMyBenefits.ai can reveal hidden inefficiencies and cost-saving opportunities that might otherwise go unnoticed.

If you’re curious about where your plan stands, try the ScoreMyBenefits calculator today and get a clearer picture of your benefits strategy.

?? See Your Benefits Score Now