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Case Studies Labor Union
About the Client
Customer name:
Plumbers and Pipefitters Local 9 Welfare
Location:
Manalapan Township, New Jersey
Challenge
RetireeFirst, the leader in Retiree Benefit Management solutions, partnered with Plumbers and Pipefitters Local 9 Welfare Plan to transition 631 Medicare participants in Manalapan Township, New Jersey from a a self-funded prescription drug plan to a fully insured Medicare Part D drug plan, resulting in significant cost savings.
Solution
Since 2014, RetireeFirst has been the client’s trusted partner, and renewal increases are averaging 2.95% annually. The Retiree Member satisfaction surveys indicate a current benefit and service rating of 9.6 out of 10. The transition resulted in cost savings of nearly $31k per month and $371k annually, with the cost per member per month decreasing from $237.67 to $188.59.
Starting on January 1, 2023, this group has fully transitioned to a MA and EGWP plan with RetireeFirst, based on their satisfaction with our services. The fund has achieved remarkable immediate bottom-line savings of 22.69% on the annual medical costs, resulting in a substantial cost reduction of $345k over a span of two years.
25% Savings Per Member Per Month
Moving them from a self-funded prescription drug plan to a fully insured Medicare Part D drug plan saved 25%.
Maintained Co-Pay Structure
We were able to preserve their existing co-pay structure while incorporating additional drug coverage benefits.
Satisfied Retirees
The Retiree Member satisfaction surveys indicate a current benefit and service rating of 9.6 out of 10.
