How Much Better Could Your Medical Plan Be?

CLIENT:

Zimbrick, Inc.

ISSUE:

Zimbrick, Inc. comprises a family of 16 automotive retail centers. Back in 2009 Zimbrick identified the need to make major changes to its overall medical plan, which at the time lacked a cohesive direction and took what was essentially a one-size-fits-all approach to health insurance.

To make lasting, meaningful changes and create a more sensible, consumer-driven medical plan, Zimbrick turned to the employee benefits specialists at M3.

IMPACT:

M3 began by meeting with employee focus groups to gain valuable feedback, in addition to meeting with Zimbrick management for crucial insight on what they wanted to achieve from a completely revamped medical plan. Those initial efforts have resulted in positive changes like the following:

  • A carefully crafted benefits philosophy that guides the overall structure of the company’s medical plan
  • A plan that now provides multiple alternatives for employees, including a “Bronze” level option, which allows a more affordable choice for younger employees who previously had gone without coverage
  • A heath savings account (HSA) offering, which Zimbrick contributes to and so can employees through a payroll deduction option

More recently, to augment the advantages of a consumer-driven model, M3 has provided guidance on using third-party support for price transparency. This allows employees to get information on cost and quality from a reputable healthcare advocacy company before having a planned medical service. Additionally, when employees opt for a lower cost provider than originally planned, Zimbrick enables them to earn a percentage of the savings.

Today, Zimbrick provides a much-improved medical plan that the company is proud to offer. More than that, for its 2016 and 2017 renewals, Zimbrick has enjoyed a 0% rate increase!

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