Group health and related employee benefit plans have become an increasingly significant and costly component of an employer's operations. In particular, medical benefit costs have a major impact on the bottom line. The financial management and integration of these plans have been further complicated by the evolution of managed care, the endless stream of state and federal legislation and now the evolution of consumer driven health plans.
When working with a client, we pay particular attention to make sure the employers' benefit programs are properly aligned to their corporate strategy, goals and employee philosophy. To do this we go through the following steps:
- Understand the client's current benefit programs
- Inventory all current benefits
- Prepare general comments on current design and features
- Recommend design and funding for all programs
- Assess competitiveness of current benefits programs
- Develop a benefits strategy which will respond to present deficiencies while supporting the human resources and financial goals of the organization.
- Establish Plan Design
- Review and negotiate all renewals (medical, dental, life and disability).
- Review the current funding arrangements to determine if another funding arrangement may be more appropriate
- Assist management in developing appropriate and competitive contribution strategies for all benefit options.
- Market coverage on an as needed basis
- Communicate benefit programs so that employees understand and appreciate
the value of the programs.
- Coordinate with management all carrier presentation/meetings
- Review all contracts for compliance to renewal/bid negotiations
- Prepare/review all open enrollment materials (forms, SPD’s, etc.) including using new technology such as online enrollments and benefit booklets
- Preside over employee meetings, as needed
- Ongoing Services
- Quarterly, or as needed, prepare educational sessions to discuss topics such as Flexible Benefits Plans, Long Term Care, Educational Savings Accounts, Alternative Funding Arrangements, etc.
- Prepare financial projections for budgeting process
- Provide customer service and claim resolution assistance on all benefit programs to management
- Prepare 5500 government filings
