Situation
Fast-growing healthcare services company was looking to enhance their current benefits options to increase employee retention while also staying compliant.
Solution
We reduced their health insurance costs by 20% through solutions such as a carve-out. We used those savings to add other lines of coverage such as disability insurance to enhance value to their employees. To increase tax savings for the employee, we implemented a Section 125 plan. This allows employees to increase their take home pay by using pretax dollars to contribute to their employee benefits. It also saves the employer 7.65% FICA taxes on each pre tax dollar contributed by the employee.
Success
- Utilizing our carrier relationships, we were able to reduce individual disability policy premiums by 15-20% for every employee.
- The employer received multiple emails of appreciation from the employees for providing this benefit as well as reducing their health insurance costs.
- In addition, during our compliance check-up, we were able to identify a potential liability of over $60,000 in federal and state penalties.
- With our help over the next few months, they were able to fix it and become fully compliant.
Other Case Studies
Client Reviews
I have had the pleasure of working with Vignesh for almost a year.
Coming into my role at oneservice, he proactively contacted me explaining our coverage and ways he thought we could improve the benefits offered to the employees. He continuously is looking for ways to help my company offer more benefits while working to get the most cost-effective options. He and his team are highly knowledgeable, communicate continuously, understand our unique needs of having employees all over the country not just in one location, and work to ensure my employees and I are kept well informed will any questions answered thoroughly and quickly. The support has been amazing! I would recommend Vignesh to anyone looking to work with a very professional, supportive underwriter who has not only the company's but the employees' well being in the front of his mind.
Jonathan Mensch
President North America at oneservice, Inc
I highly recommend working with Vignesh.
We engaged him four years ago to help us with our family financial planning. Vignesh has used various strategies and out of the box thinking to consolidate our financial assets and make our portfolio more manageable and organized. He always puts his client's interest first, and has been a reliable and tremendous asset for both our personal and business financial needs. If you or your company are looking to work with someone who is knowledgeable and has your best interest at heart, look no further.
Ramesh Balan
CEO and Founder at Knomadix
Vignesh is a detailed person,
He listen what his clients want and provide solution dynamically. Very responsive and reliable. I hired him and will hire him for my future insurance related services.
Arun Kumar
President & CEO of CAP Digisoft Solutions Inc./Flobile, John Maxwell Certified Speaker
We have worked with Vignesh for several years
And have been very happy with the service and knowledge he has. He and his team have provided us innovative solutions to help us to save a lot of money on our company health insurance while also helping us receive a refund of premiums for additional savings to our business.
Baku Kshartriya
President at ECOM Consulting, Inc
