We’ve found over the years that the best way to ensure that a company has the most progressive and comprehensive benefit plan for the money, year after year, protecting them from large rate increases on their next renewal, is to complete a 2-3 year financial analysis in conjunction with a complete plan design, benefit plan, review. We're honest about where we think your benefit plan is; if we think you already have a great benefit plan after we've reviewed it, we'll tell you. We strongly believe in developing a win-win working relationship. And, we want our skills and expertise to be maximized in helping our clients grow and prosper their businesses. Although there’s an investment of our time when doing a benefit plan review, we've learned over our 70 years of combined industry experience that a long-term win-win working relationship is much more profitable than getting 'low-ball' first year rates and a quick sale, and it's how we prefer doing business. They key to success is building on top of a strong foundation and an integral part of that foundation is good quality working relationships.
Our focus on partial self-insurance ASO (Admin Services Only) for Extended Health Care and Dental claims funding, together with our unique Wellness/HCSA (health care spending account), QubeFlex 2.0, add-on is what drives our technical approach. We have a lean-and-mean philosophy; we think that insurance companies charge too much and we've found a way to leverage modern technology and industry understanding, through ASO and flexible benefits, to circumvent much of the extra cost built into a traditional insurance plan.
Our approach ensures that a prospective client will be provided with a relevant and credible ‘lay of the land’ review. The following are some of the steps taken as part of our review process:
- A financial fairness analysis of rates and premiums paid: claims + expenses + reserves (for Insured plans) + trend.
- For insured plans with over 25 employees, a 2 to 3 year comparison to a partial self-insurance/ASO arrangement is completed.
- If age volume tables are provided, a comparable year over year demographic rate assessment to what is being charged by the Insurer is completed.
- Alternate plan design options and applicable pricing are provided.
- Potential liability issues around benefit plans are identified with internal HR policy solutions recommended.
- A summary recap with next-step recommendations is provided which may include the recommendation to market the plan to the full group insurer market.
Q: Why does a current status ‘lay of the land’ benefit plan review make sense as a first step towards getting the most out of your company’s benefit plan?
A: Our belief is that a company can not properly know where they should go with their benefit plan if they do not have a complete financial and design review with logical options provided to consider as a relative starting point.
Q: Why don’t you just market the plan to the group insurer marketplace for cheaper rates like many other Benefit Brokers/ Advisors/ Agents do?
A: The pricing of a group benefits plan through important is only one aspect of many if the company’s goal is to achieve the most progressive and comprehensive benefit plan for the money for them and their employees year after year.