Gary/ Rebecca,
It's emails like this one that every agent dreams of, but few ever see!
As you know, Metal was self-insured in 2007 and was getting killed by uncontrolled rising claims,
premiums and fees. Since switching to MERP at the start of 2008 and de-leveraging their financial risk by
a factor of 33 times (i.e., lowering their specific deductible from $100,000/ person down to an employer's
deductible of only $3,000 per person), they have saved considerable sums of money.
What a testimonial this is!.. I think I will print off this email and frame it over my desk!
...as I say, the email below is the type of message that every agent dreams of but not even one in a
hundred agents will ever live to see!
Thank you RP Riley!!! :)
Very Happy Broker
From a Broker in Chicago, IL
Mike,
I thought you would like to see this information.
| |
Jan-June 07 |
Jan-June 08 |
| Administrative Costs |
20% |
10% |
| COBRA Contributions |
0% |
9% |
| Employee Contributions |
4% |
7% |
| Employee Opt-Out Bonus |
0% |
1% |
| Insurance Premiums |
7% |
48% |
| Medical Claims |
61% |
20% |
| Prescription Claims |
8% |
5% |
2007 YTD: $1,819,331.71
2008 YTD: $956,811.49
Savings: $862,520.22
Have a good weekend!
From that Broker's Client
“…Yes, MERP is adding a new layer of complexity, but sometimes, MERP can provide a breath of fresh air too. I believe your people will find RP Riley to be very customer friendly and more than willing to resolve questions your people might have. MERP will also be quick to pay them back for their incurred medical charges, if everything is properly presented. Compared to some big insurance companies, the RP Riley people are very helpful and friendly, from what I have seen and heard. I only ask that everyone give it a chance to work…”
Client from Oakland, CA
“…I have never had a group that did not save money using a MERP plan designed by RP Riley. Administration expenses and employee claims subtracted from premium savings – this still produced great savings…”
Group Broker from Elk Grove Village, IL
“…MERP plans are easy to sell when you are talking to the right person in the group such as the CFO or President or CEO of the company…”
Group Health Consultant from Wilmington, NC
“… Our firm has had a Medical Reimbursement Expense Plan for 6 years. We have saved money each year, and continue to do so. We would never go back to a regular insurance plan…”
Client from Fremont, TX
“…In the first 6 months we had paid expenses and claims that equaled $671,900, under the MERP. Last year at the same time we spent over $1.4 million. RP Riley’s MERP is working very well…”
Client from San Diego, CA