BKS Improves Benefit Performance Through Strategic Planning - BKS Partners

BKS Improves Benefit Performance Through Strategic Planning

The client engaged BKS Partners Employee Benefits team to assist them in developing a long-term strategy addressing cost, culture and compliance of their benefits program. Medical claims were on the rise and in order for the employer to continue to sponsor the plan and attract and retain employees, they needed to address sustainability and the high loss ratio. Here is an overview of the ingredients BKS Partners used to set the client up for success.

Background and Context

High loss ratio on the medical plan of more than 130%
Creating a movement and getting employees engaged in wellness
Plan design was not cohesive with the group’s goals and sustainability

Solutions and Tactics

Kept the employer apprised of claims on a month-to-month basis and strategized all year long
Adopted a wellness program and the employer created an onsite clinic
Designed a benefit plan that addressed cost, adverse selection and provided employee education

Value and Lessons

Decreased claims and returned premiums to the employer by year three of more than $250,000
Claims loss ratio began to go down and is a much more positive number resulting in very low renewals
Created a plan structure with choice and low-cost premiums while not compromising benefits

Clients rely on BKS Partners' holistic philosophy to improve the financial outcome of their benefits plan.

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