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Our Services
FILLING A NEED
The employee benefits arena is not only in constant turmoil, but changes as frequently as federal and state legislative sessions change.
Most executives or management personnel are not
professionally trained in employee benefits, and
 most do
not want to be. Most executives do not have the time or want to spend it
listening to different insurance presentations, yet they want to be kept
informed on what is happening in employee benefits.
When you encounter problems in your employee benefit plan, whether they be financial, claims, billing, or benefit interpretation, someone
has to solve them. Employee benefits advice should be received from someone independent and unbiased, not from an agent who works directly for
an insurance company and has their own interests in mind, not yours.
REVIEW YOUR IN-FORCE PLANS
Benefit Networks will constantly compare alternatives and make recommendations, at least annually (and more frequently if necessary);
we will undertake review of the following:
- Employee participation in benefit program to determine effectiveness.
- Financial standing of the in-force plan
- Current year financial picture and renewal formula to assist in rate renewal discussions
- Employer contribution
- Effect on current plan
- Allocation of greatest benefit
- Advantages/Disadvantages to employees and employer
- Current plan compared to marketplace
- Recommended changes or additions to plan
GOING TO BID
Whether as a result of being unable to negotiate benefits or costs with existing carrier(s) or as an interest in competitive bidding,
Benefit Networks will design a set of "Bid Specifications" and send them to interested insurance carriers. These specifications
will assume a wide view of the insurance marketplace and provide valid, specific bids. The adoption or rejection of final benefit levels
will be solely at your discretion. All preparation, duplication, and mailing costs will be incurred by
Benefit Networks.
REPORT OF BIDS
After insurance carrier bids have been received by
Benefit Networks, a summary and report will be prepared by us. This "Report of Bids"
will deliver the results of bidding insurance carriers and our evaluation of their bids. This analysis will, in a concise, yet thorough manner,
enable you to make a decision without being required to spend hours in complicated evaluation. Our report will clarify benefits and rates
required by bidding insurance companies and contain recommendations as to which carriers ought to be considered and why.
NEW CARRIER(S)
If, as a result of the bidding and reporting process, it is determined that a new plan of benefits should be considered, meetings with
appropriate carrier(s) will held.
Benefit Networks
will be responsible, with the new carrier(s), to set up the final contracts,
coordinate benefit levels, provisions, practices, and costs. We will assist in the enrollment as well as review your master contracts
administrative procedures.
INSTALLATION AND COMMUNICATION
- Benefit Networks
will conduct enrollment meetings as needed
- We will work with you to solve claim problems and other concerns
- We will assist your accounting department in setting up an efficient billing procedure
- Handouts will be prepared to make sure employees are properly informed of changes
Reports on the financial status of the plan will be prepared as information is provided by the carrier. This is particularly important
as rate increases are anticipated.
ONGOING SERVICES
Regular visits. When you become a
Benefit Networks client, we will visit you regularly by appointment to solve any problems you
might be encountering: benefit design, claim, billing, or accounting. These regular, personal visits have been our trademark for years - and
will be one of many services provided to you.
We will make certain that a workable, practical relationship is maintained with the underwriting insurance carrier(s), with particular attention
to their policy-making, underwriting, and claims procedures. Also, where possible,
Benefit Networkswill:
- Provide reports on the programs premium and claims payment progress.
- Prepare an annual report analyzing the premium paid, claims paid, claim reserve, retention charges, and renewal action of the insurance company with our recommendations on how to proceed for the next policy year.
- Place the plan to bid once again, using the previously mentioned process, if the current carrier is not competitive in their renewal action.
- Assist in the preparation of announcement booklets, claims forms, and other appropriate material.
- Be available to answer questions, inquiries, and settle claims; assuming the kind of responsibility required to service your employee benefits program efficiently and professionally.
THE BENEFITS
- You will save time.
- You will not have to listen to endless hours of insurance presentations.
- The
Benefit Networks process of competitive bidding will provide you, from an unbiased perspective, a wide selection of options.
- Recommendations will come from professionals who specialize only in employee benefits.
- Your decisions will be based on actual comparative data, not the best sales pitch from an insurance agent.
FLEXIBLE COMPENSATION
The effect of high taxes, dramatic increased in the cost of employee benefits, and recognition of diverse needs among employees has
created great incentives for employers to review the cost and value received from their employee benefit package. Utilizing Internal
Revenue Code Section 125, Benefit
Networks has access to flexible compensation plan that provides advantages to both employers
and employees. These advantages are many. Among the more prominent advantages are the following:
Advantages of a flexible compensation plan to the employer:
- Lowers payroll taxes, such as FICA.
- Makes cost containment or changes in employer contributions more acceptable to employees.
- Improved employee morale and perceptions of their benefit programs.
- Reduces pressure to add benefit programs
- Adds a real benefit without cost to either employer or employee.
- Helps recruit and retain qualified employees.
Advantages of a flexible compensation plan to the employee:
- Tax savings, such as Federal, State, and FICA.
- Increases spend able income by paying for certain eligible expenses with pre-tax dollars.
- No cost of plan administration.
- A way to purchase additional benefits without cost.
Since the enactment of the Tax Reform Act of 1986, significant interest has been generated in these plans. Today, there are
millions of employees covered under Section 125 plans.
Over the years,
Benefit Networks has installed Section 125 with many clients and hundreds of plan participants.
SUMMARY
Employee benefits is our only business. Because of that, we ‘speak the language,’ make ourselves accessible, and are among the first to
learn of new benefits and approaches. If you are still wondering whether you can do all of the above just as well yourself, why not
call some of our clients. Just ask us and we would be pleased to provide you with names and telephone numbers.
We would like to be your employee benefits broker/consultant and will share our knowledge, expertise, staff, facilities, and experience
all for the common good of your employees and organization.
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