We are committed to minimizing plan cost increases for our employer-clients; the fact that we were able to contain them to less than 1% for the last two years demonstrates our success in keeping that commitment.
APPLETON, Wis. (PRWEB) April 25, 2019
Releasing its annual cost trends data, Cypress Benefit Administrators, a Lucent Health company, has announced that the average cost increase for the health plans it administered in 2018 was contained to just .06%, while the average increase for plans on a national level was 6.64%.
The numbers show that the third party administrator (TPA) has continued its historical success in keeping plan cost increases below the national trend, and at less than 1% the past two years. Cypress’s average increase over the last seven years – 2012 to 2018 – is 1.24% compared to 6.27% for plans nationally.
“We are committed to minimizing plan cost increases for our employer-clients; the fact that we were able to contain them to less than 1% for the last two years demonstrates our success in keeping that commitment,” said Tom Doney, president of Cypress.
In 2017, the average Per Employee Per Year (PEPY) cost for Cypress clients was $9,815, while it was $18,734 for national plans. That represents an average PEPY savings for Cypress plans of $8,919 – or $445,950 in savings for a company of 50. On top of that, the average PEPY cost increase from 2017 to 2018 for Cypress-administered plans was only $6 in comparison to $1,371 for national plans.
Doney said, “On a national level, the average per employee cost last year was nearly double the amount that Cypress clients paid. For Cypress clients, this translates to a savings of nearly half a million dollars for a 50-person plan. That’s huge.”
Cypress emphasizes working together with employer-clients proactively to find the best employee benefit solutions for each given plan. In building customized self-funded plans, Cypress puts particular emphasis on managing health claims, along with employee engagement, price transparency and prescription management programs.
“Health care costs continue to climb at an alarming rate, so we do our best to minimize this for our clients and their plan participants,” Doney explained. “Our long-term success in keeping plan cost increases well below national levels shows that our efforts are paying off.”
About Cypress Benefit Administrators
Cypress Benefit Administrators, a Lucent Health company, has been pioneering the way toward cost containment in self-funded health benefits since 2000. Privately held and headquartered in Appleton, Wis., 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, Ore., Omaha, Neb. and Denver, Col. For more information on Cypress and its customized employee benefits, visit http://www.cypressbenefit.com.