Client: Retail/Consumer Products company with 90,000 part-time eligible lives, and more than 120,000 full-time eligible lives
The client had a fully insured, 100% employee paid vision plan that had not been reviewed in eight years.
The client had been working with Pacific Resources on voluntary benefits and asked us to review the vision plans that they currently offered to their part-time employee population (initially, and then added the full-time population). The plan had been not been reviewed in 8 years.
Pacific Resources gathered all plan information and claims data. In our analysis, we uncovered three things that raised concerns:
Given this, we worked with the client to develop an RFP and sent it out to the marketplace.
After reviewing all the RFP responses, the client chose a new carrier and replaced the previous two-plan option (standard/buy up) with a single plan that included buy up provisions and some enhancements.
The selected carrier offered reduced standard rates, as well as reduced buy up rates, while offering several plan improvements, including:
We also obtained a five year rate guarantee.
The client has seen some direct positive outcomes from the new plan:
After their initial success with implementing the new vision plan to the part-time population in 2013, the client requested that we help them complete the same process for their full-time population (120,000 eligible lives).