Successfully managing a corporate benefit plan requires a proactive approach utilizing all the tools available to implement proven best practices.  Benefit Advisors develops customized solutions that incorporate industry best practices that meet the organizational and budgetary goals of our clients.  Each organization’s culture will determine which programs to adopt into practice.  Employers that adopt these best practices experience lower trend increases vs. national averages.

Underwriting

Benefit Advisors’ cost containment efforts are led by an experienced team that uses medical carrier's methodology to analyze claims data to justify any carrier rate action.  Our combined underwriting analysis and leveraging of competitive market bids ensure our clients of the lowest possible renewal negotiation, prior to any plan design changes.

In addition, our team provides expert insight of claims and utilization data to help clients:

  • Analyze the impact of desired plan changes based on your client's actual experience, our proprietary models and sophisticated database consisting of thousands of covered lives
  • Project future costs by analyzing past claims experience
  • Measure discounts and network access of various carriers to optimize cost savings
  • Develop budget rates, employee contribution strategy, and COBRA rates for each self-insured employee benefit plan
  • Review underwriting worksheets for annual renewals on fully insured plans and negotiate with carriers
  • Analyze feasibility of changing from fully-insured plans to self-insured plans

Benefit Plan Audit

In conjunction with your senior leadership team, Benefit Advisors will continually audit the benefit plans to determine the level of support they lend to the previously developed strategy.  Benefit Advisors audit services include:

  • Funding arrangements/financial overview including a 3 year look back and detailed review of claims and utilization
  • Current vendor relationships
  • Benefit structure and plan design
  • Network analysis
  • Contribution breakdown
  • Detailed review of Contracts and other Plan Documents
  • Annual review of your 401(k), 403(b), or 457 program to ensure due diligence in monitoring investments, keeping up with legislative changes, and ensuring your plan is being administered properly.

Customized Strategy Development

Because the needs and goals of each organization are unique, Benefit Advisors will prepare a detailed Benefit Plan Strategy that compliments your company‘s business plan. This plan will consider the following two key components:

Company Culture

  • Nature of workforce (hourly/salaried; age/gender demographics; avg. contract size)
  • Employee receptiveness to change (history of benefit and contribution adjustments)
  • Ability of employees to grasp new insurance concepts such as HRA and HSA plans
  • Participation at annual open enrollment presentations
  • Employee internet access

Financial Considerations

  • Financial budgeting
  • Company growth/recession forecasting
  • New location considerations
  • Contribution strategy
  • Health/Wellness incentives
  • Long-term solutions with sustainable plan designs