A major technology and marketing company based in the Pacific West saw rising health insurance premiums for its workforce of around 50,000. With employee health and well-being as a top priority, their benefit management company looked for opportunities to reduce costs while ensuring their employees still received high-quality benefits and service.

The marketing company contacted the SmartConnect team, which specializes in seeking innovative ways to lower costs without sacrificing the quality of coverage. Knowing that older employees are remaining in the workforce — 25.5 million workers are between the ages of 55-64 with an additional 10 million over the age of 65 — the SmartConnect solution serves as a trusted Medicare advocate for HR teams, benefit professionals and a company’s employees.

Solution

Working with the employer’s benefits team, SmartConnect provided education and information to employees about utilizing Medicare benefits rather than group coverage. In many cases, employees realize direct savings by transitioning to more cost-effective benefits through Medicare programs designed specifically for those over the age of 65 (or Medicare eligible).

A dedicated, in-house team of SmartConnect agents made the process easy, with on-going advocacy extending into retirement which saved hours of time and effort for the employers and employees.

Results

A single employee and their spouse contribution cost this retailer an average of $806.69 a month, while just an employee contribution cost the employer $451.58. While using the SmartConnect Active Plus offering, the retailer transitioned 66 individuals off their group coverage, saving on average $7,549.62 per individual annually.

Their total savings for all employees was $498,274.92. This savings carries on, year after year, while the employees continue to work. The retailer was able to reinvest those savings back into their employees or business operations.