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The Linux Foundation Saves Over $450k On Healthcare Costs
The Linux Foundation, a growing non-profit with 80 employees, was spending more than $1.2M a year on employee health care. The foundation needed to migrate off its PEO to:
- Optimize its health plans,
- Mitigate rising health care costs while maintaining competitive benefits, and
- Establish control over payroll and HR administration.
Lumity used its proprietary risk model to analyze the foundation’s health data and unearthed a significant discrepancy between projected health care expenses and the rates the foundation was paying their carrier.
In the previous two years, the overall group health profile had dramatically improved. As a result, Lumity was able to negotiate lower premiums and a wider network plan, and cost savings were reduced without sacrificing coverage. Additionally, employees gained Lumity’s data-driven enrollment software to guide their health plan decisions and enroll in health savings accounts (HSAs) using a single login.
The Linux Foundation saved $450,000 on its health plans, which allowed it to allocate more resources towards hiring. An additional $100,00 saved in PEO licensing fees was funneled into employee HSA contributions. This drove HSA adoption from 6% to over 80%.
YEAR TWO UPDATE
The foundation forecast projected a further rate reduction for the following renewal, netting a further 10% cost savings with no compromise on coverage or plan design.
Lumity made it easy for us to migrate off Trinet, saved us 37% in apples-to-apples coverage, and made our employees better off in the process. We can allocate more resources to hiring with the $450,000 we saved. It’s time a company like Lumity stepped in to help employers and employees use data to inform these decisions.
May 22, 2016|