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WHY CHARON PLANNING
Case Studies: Strategic Planning
A financial services firm
Charon Planning was brought in to spearhead
the firm's effort to reduce their Life and Disability benefit expenditures. After performing
an analysis of the current benefit plans, we embarked on a reengineering effort and comprehensive
marketing of the firm's sponsored Life, AD&D, STD, and LTD plans.
Through a comprehensive market survey, intense carrier
negotiations and creative plan design strategies, Charon Planning found savings for the
client that amounted to nearly $20 million in only two years.
A large Mid-Atlantic supplier of key components for automobile,
communications technology and electronics manufacturers
Our client wanted relief from the rising cost
of healthcare coverage, but wanted to maintain the benefit levels it was providing to employees.
Charon Planning performed an in-depth analysis of the employer's numerous medical plans
and funding arrangements, extensively marketed the plans, devised a plan consolidation strategy
and successfully negotiated the consolidation of 17 plans into one.
The plan consolidation strategy conceived and orchestrated
by Charon Planning saved the client $1.2 million in premiums without compromising employee
benefit levels. Additionally, Charon planning successfully negotiated with the carrier to
secure a second year rate cap.
A prestigious Northeastern educational institution
Charon Planning was engaged to perform limited
benefit consulting services. The initial engagement encompassed only Medicare Part D and
the client's Medical, Dental and Prescription plan renewals. In addition to the specific
services outlined in the engagement, Charon Planning, with the client's permission, and
on a complimentary basis, embarked on a strategic initiative aimed at identifying ancillary
line savings opportunities.
Through a combination of comprehensive market surveys,
modest plan design revisions, platform changes and carrier negotiations, Charon Planning identified
annual savings opportunities that totaled nearly $800,000 and included a three-year rate guarantee
from a key carrier. Based on the results of the initial engagement, the client appointed Charon
Planning as their broker of record for all lines of Health and Welfare coverage.
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"You all did an awesome job on this!! Each of you are amazing."
Carol Albright
Vice President, Human Resources
Advertising Specialty Institute
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