Our firm deals with a number of benefit companies to ensure that your organization is provided with a comprehensive and cost effective benefit plan that is structured to meet all the requirements of your organization.
We are pleased to provide the following services:
As your advisor, we strive to assist you in calculating all of the critical components of your plan. Although cost is usually a major factor in the decision-making process, there are also many other key issues that require consideration such as:
| Plan Comparisons |
Define the costs and policy definitions to existing plan before choosing another |
| Administration Services |
What kind of support will be available? Is it at a local level? |
| Reporting Functions |
How much detailed information will be provided to you in terms of health and dental claims? |
| Online Access |
Can you access your coverage and administrative information online? Is there additional information on health, wellness, and preventative care? |
| Claim Remittances |
How efficient is the service and where are claims paid? |
| Underwriting |
What is the degree of ability to underwrite specific benefits as experience rated and/or self-insured? |
| Overhead Evaluation |
What is the estimated cost of doing business? Claims adjudications, salaries, commissions, publications, marketing expenses or catastrophic events are all variables within this formula for each insurer. |
| Trends |
Forecasted increases determined by the insurer to calculate anticipated inflation for major coverage’s (health & dental) in the coming year. Trends are vital in the renewal process |
| Performance |
How will the plan’s performance affect renewals? Reserves based on the “Incurred but not Reported Reserve” or the IBNR determine the adjustment amount within the first couple of years of a plan’s implementation. (Typically between 15 – 20%). If the experience is poor, the rates will reflect the cost increase due this experience to fund the IBNR. Alternatively, if the experience is good, the IBNR will not be a problem to fund. |
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