Fox Everett Helps Law Firm Achieve a 35% Reduction in Dental Plan Costs with Self-Funding
A prominent law firm with 130 employees faced rising costs and declining value in their fully insured dental plan. Frustrated with high premiums, lack of flexibility, and limited claims visibility, the firm sought a better solution. Fox Everett introduced a tailored self-funded dental model that saved the firm 35% on annual dental spend, enhanced plan benefits for employees, and retained over $17,000 in surplus funds in the first year alone.
$150M+
in Annual Claims
80+
Years of Expertise
24,000+
Members
Introduction
The law firm serves as a pillar in its community, offering high-quality legal expertise. While employee well-being remained a priority, their fully insured dental plan was falling short, delivering less value year after year. The firm needed a benefits solution that aligned with their goals of financial stability, employee satisfaction, and transparency.
Enter Fox Everett, a trusted partner in benefits administration. Known for their customized self-funded solutions, Fox Everett collaborated with the firm to transform their dental plan into an efficient and cost-effective offering.
The Problem
The law firm faced significant challenges with their fully insured dental plan:
Escalating Premium Costs
Year-over-year premium increases strained the firm's budget, forcing both the employer and employees to pay more for less coverage.
Lack of Plan Flexibility
The plan did not allow customization to meet the unique demographics of the firm's workforce, limiting options for preventive care and orthodontic coverage.
No Claims Visibility
The firm had no access to claims data or trend reporting, leaving them unable to understand or control underlying costs effectively.
Employee Dissatisfaction
Rising out-of-pocket costs and shrinking coverage left employees frustrated, prompting the firm to seek better solutions despite limited self-funding awareness.
The Solution
Fox Everett guided the firm through a seamless transition to a self-funded dental plan that addressed their unique needs. Key elements of the solution included:
Comprehensive Claims Analysis
Fox Everett conducted a detailed analysis of the firm's historical dental claims data to assess potential risks and cost-saving opportunities.
Custom Plan Design
The tailored plan enhanced preventive and orthodontic coverage, meeting employee needs while controlling costs.
Dental PPO Network Access
Employees gained access to a national dental PPO with pre-negotiated discounts, reducing costs and expanding provider options.
Dental Reserve Fund Setup
To manage risk exposure, Fox Everett implemented a reserve fund that allowed the firm to retain surplus funds instead of paying excessive premiums to insurers.
Streamlined Employee Communication
Fox Everett developed clear, simplified materials to educate employees about the new plan, ensuring an easy rollout with minimal confusion.
Thanks to Fox Everett’s expert guidance, the law firm gained full control over their dental benefits while creating a better experience for employees.
The Results
The shift to a self-funded dental plan yielded impressive outcomes within the first year:
35% Drop in Dental Costs
By eliminating the unnecessary costs tied to fully insured plans, the firm saved a significant portion of their annual dental budget.
Improved Employee Benefits
Enhanced preventive and orthodontic coverage provided employees with more value, leading to higher satisfaction levels.
Surplus Retention
The firm retained over $17,000 in surplus funds from the first year alone, underscoring the financial advantage of the self-funded model.
Full Transparency
Access to claims data and trend reporting enabled better financial oversight and informed decision-making for the future.
Measured Results. Meaningful Impact.
"We didn’t even know self-funded dental was an option. Fox Everett walked us through it, made setup painless, and saved us a meaningful amount in the first year."
Conclusion
Fox Everett’s self-funded dental solution empowered the law firm to escape the limitations of their old, fully insured plan. With reduced costs, enhanced benefits, and complete transparency, the firm is now positioned for long-term financial stability while fostering employee satisfaction.
Looking ahead, the firm plans to continue working with Fox Everett to identify future improvements and opportunities within their benefits program. This partnership demonstrates how tailored solutions and proactive management can unlock exceptional value for employers and employees alike.
Is Your Benefits Plan Underperforming?
If your current benefits plan is costing more and delivering less, it may be time for a smarter approach. Fox Everett specializes in custom self-funded solutions that align with your goals—lowering costs, increasing transparency, and improving employee satisfaction. For tailored support or to explore the right solution for your organization, contact Jay Butcher at Jay.Butcher@hubinternational.com.