Number of Employees: 140
Current Medical Claims Per Employee Per Year Benchmark: $6,250
Current Prescription Claims Per Member Per Month Benchmark: $69.72
SUMMARY
AEG Petroleum has locations in Amarillo, El Reno Oklahoma, Midland, San Angelo, Borger, Dalhart, and Lubbock, TX.
Prior to converting over to HPHP, AEG had bounced around from one carrier to another, hoping to find reasonable rates in the fully-insured market. They historically were offering high deductible plans to employees.
AEG is a blue-collar company that primarily services the oil and gas industry.
RESULTS
Since transitioning to a self-funded model, and into High Plains Health Plan in 2023, AEG Petrolium has saved significantly while simultaneously offering $0 Deductibles and Copays to employees.
After a full year being self-insured, AEG compiled a sizeable strategic reserve in their fund, leading to a 22% reduction in employee contributions to premium for 2024, a very significant accomplishement and reward for employees.
AEG does a great job utilizing the Tier 1 Network within High Plains Health Plan as well as the pharmacy international program.
The reduction in health insurance premiums for employees in 2024 equates to an approximate income raise of 5%.