Case Study
Case Study
COMPANY INFORMATION
Industry: Construction
Location: Florida
# Employees: 21 full-time
14 part-time
Current Healthcare Plan:
Major medical from large traditional provider
Employees Participating on current healthcare:
19
EE-9 | ES-5 | EC-2 | EF-3
Average Employee Age: 43.5
Payroll Periods: 26
Employer Contrinution:
50% of EE monthly rate
CASE STUDY
Traditional major medical plan – large provider
Current Deductible: $7500 EE / $13,500 EF
Co-insurance: 80/20 to maximum out of pocket
Maximum Out of Pocket: $9,000 EE / $18,000 EF in network
Total Annual Premium/Fees: $346,161.48
Total Monthly Premium/Fees: $28,846.79
Employer Cost
Total Annual Employer Contrib.: $94,025.70
Total Monthly Employer Contrib.: $7,835.48
Total Cost per Payroll Period: $3,616.37
Employee Cost (after employer contribution)
Total Annual Premium/Fees: $252,135.78
Avg. Monthly Premium/Fees: $1,105.86
Avg. Cost per Payroll Period: $510.40
PROPOSITION
PLAN HIGHLIGHTS
No Network Requirement
for Comprehensive Care or OutPatient Benefits
Out of Pocket Expense
per comprehensive care event $1000. max 3 per year. If additional comprehensive care events occur during the same 12 month period beyond 3 – no out of pocket cost.
Co-insurance: $0 – plan pays 100% for comprehensive care after out of pocket expense met per comprehensive care event
Comprehensive Care Benefits Hospitalization, Emergency Room, In/Out Patient Surgery, ICU and sub-actute ICU, Diagnostic Imaging and Labs, Physician and Specliast Office Visits, Physical Rehabilitation, Maternity, NICU and sub-acute NICU.
OutPatient Benefits
Primary Care Physician and Specialist Office Visits, Urgent Care Visits, Prescription Benefit
Virtual Care Benefits
No copay/deductible
Unlimited use
Virtual Primary Care, Virtual Urgent Care, and Virtual Behavioral Health
Wellness and Preventive Care
Annual wellness exam
Preventive care for men, women, and children
SmartHealth Savings
Total Annual Premium/Fees: $133,992.00
Total Annual Premium/Fees Savings: $212,169.48
Employer Cost
Total Annual Employer Contrib.: $52,806.00
Total Monthly Employer Contrib.: $4,400.50
Total Cost per Payroll Period: $2031.00
Total Savings Percentage: 44%
Employee Cost (after employer contribution)
Total Annual Premium/Fees: $81,186.00
Avg. Monthly Premium/Fees: $356.08
Avg. Cost per Payroll Period: $164.34
Total Savings Percentage: 68%
RESULTS
Chadwick Construction and their employees were able to realize
significant savings by making the switch to the SmartHealth Advantage
1000 plan.
Creating an average gross take-home pay increase of $346.08 per
employee per payroll period accounting for the average savings in
healthcare benefits cost.
As a result, Chadwick Construction was able to capitalize on this
savings advantage when recruiting new hires by providing both
benefits and greater take-home pay without having to increase
company overhead with regards to pay rate.
