The Group Benefits Evaluation
I. Existing Coverage Comparison
The evaluation process begins with an in-depth analysis of your current benefits package including insurance carrier information. We analyze which benefits are currently offered, determine the most important aspects of the coverage from the employer’s perspective, and discuss what benefits you might like to add. We thoroughly investigate the trends within your existing coverage. For example, has the company been eliminating benefits because of cost increases or have they been transferring the cost increases onto the employees. We also review the company’s claims experience and claims history.
In order for us to do the most thorough audit for our clients, we work closely with your benefits administrator. We will need a complete group census, a complete benefits description, any claims experience that they have, current invoices, and any renewal letters received from the insurance companies. After we receive this information we begin part two of the audit. The review process requires one or two meetings.
II. Research
The best way to develop the optimal benefits package for your company is to involve your employees. The research we do for your company utilizes an employee’s point of view regarding the benefits plan. We determine what benefits are most important to the people who keep your company profitable. We send out a short questionnaire to all the employees either via email, a payroll insert, or in their company mailboxes. After we receive the completed questionnaires we analyze the information and determine what should and should not be changed in your group benefits plan. This can play a major role in the cost analysis. The research takes approximately two weeks to complete.
III. Cost Analysis
We gather the information from both the employer and employees and contact all of the Providers. We share this information with them in order for them to design a plan to meet your company’s specific needs. Once we receive the information from each insurance company, we perform a comprehensive analysis as to which carrier’s offer best meets your criteria. The carrier’s ability to provide quality service for your account at a cost-efficient rate is our foremost priority.
After our analysis we determine the two or three best options for your company’s benefit plan. We then meet with you to discuss these choices and offer an in-depth explanation of our conclusions. Depending on the size of the company the next meeting may include the insurance carriers. We introduce you to the representatives from the insurance companies who will implement the plan and help us provide you with exceptional customer service.
We create a cost sharing structure which takes into account the costs your company wishes to pass to its employees and which costs the company will absorb. At this point, we finalize the plan design and choose which Provider will best suit your needs.
IV. Implementation & Education
The implementation stage is where we meet with your employees to begin the enrollment process. At the enrollment meeting we provide in-depth descriptions of the benefits package along with enrollment forms. Our goal is to have this meeting take place at least one month before the plan goes into effect. This allows ample time for your employees to complete and return their enrollment forms before the plan’s start date.
During the implementation meeting we begin the ongoing employee education regarding the benefits plan and what changes, if any, have been made to the previous benefits package. We explain the particulars of the plan and how to get the maximum use out of the plan. We continue to educate the employees with new program enhancements and benefits throughout the year.
We then begin a Q&A with the employees to cover any aspect of the plan where further explanation is needed. Our staff is available for one-on-one meetings with your employees to answer their individual questions and review their plan choices. The implementation stage requires one to four meetings depending on the size of the group.
V. Tracking
The tracking part of the program is an ongoing process. We will be in contact with your benefits administrator at least once per month to ensure that everything is running smoothly and that you and your employees are satisfied with the benefits plan.
The MBL Benefit Consulting staff is available to answer your employee’s questions whenever necessary. We also send out random questionnaires to the employees to see if there is anything we can improve upon. By tracking the plan closely we will be better prepared for the next year’s audit.
At MBL Benefit Consulting we pride ourselves on providing our clients with outstanding customer service. In the ever-changing world of group benefits we are continuously determining new ways to improve your benefits package while keeping cost increases to a minimum.
