We look at the bigger picture and realize how these multi-year savings can add up and have such a considerable effect on an employer’s bottom line in the long run.
Appleton, WI (PRWEB) July 11, 2016
As employer medical plan costs went up an average of 5.69% across the nation in 2015, Cypress Benefit Administrators reveals that it was able to keep its average increase to just 2.05%.
The third party administrator (TPA) has released its annual cost data trends report with findings related to overall costs as well as PEPY (per employee per year) and PEPM (per employee per month) averages.
Some of the Cypress plan highlights include:
- A lower plan cost increase in 2015 (2.05%) than the year before (2.68%)
- PEPM costs went up an average of only $16 from 2014 to 2015 ($765 to $781)
- PEPY costs total an average of $9,372 versus the national average of $15,223 (a difference of $5,851)
“These reports provide helpful benchmarks for us in determining where costs are coming in for our employer-clients as compared to the national averages,” Doney explained. “The results continue to validate the hard work our team is doing to contain employee benefit costs and the success we’re having in keeping expenses down.”
Since 2008, health plan costs have gone up an average of 2.03% for the TPA’s employer-clients as opposed to the national plan rate increase of 6.74% in that same eight-year span. For each year, the average Cypress plan cost increase has always remained lower than the average national increase. In one year alone, it was 8.5% less.
“To us, it’s not just about the short-term or what has happened in the last year,” Doney explained. “We look at the bigger picture and realize how these multi-year savings can add up and have such a considerable effect on an employer’s bottom line in the long run.”
About Cypress Benefit Administrators
A privately held company headquartered in Appleton, Wis., Cypress Benefit Administrators has been pioneering the way toward cost containment in self-funded health benefits since 2000. The third party administrator (TPA) is the country’s first to bring claims administration, consumer driven health plans and proven cost control measures together into one package for companies ranging from 50 employees to thousands of employees. It serves employer-clients across the U.S. with additional locations in Portland and Salem, Ore., Omaha, Neb. and Denver, Col. For more information on Cypress and its customized employee benefits, visit http://www.cypressbenefit.com.