Founded in 1983, Benico provides private companies, public entities, and not-for-profit organizations of all sizes (ie, 2 – 20,000 employees) with the following professional services:

• Broker / consultant services, including both strategic and tactical advice around the design, risk management, communication, and enrollment of health and welfare and qualified retirement plans;
• Wellness program design, implementation, and ongoing monitoring;
• Significant assistance around compliance with laws (federal and state) that affect employee benefits; and
• Worksite / voluntary (employee-paid) benefits.

We have an account management team that provides day-to-day client support around billing, enrollment, eligibility, and coverage questions, and the team members also serve as advocates for one’s insured members with respect to claim resolution and appeals of denied claims.

In closing, we would also be most pleased to be afforded an opportunity in the future to have a further conversation with you about how we might be able to be of service to you.  In this regard John Garven, the president of the firm, may be reached at (847) 669-4800, ext. 202 or (847) 644-4496 to further discuss any possible future engagement.

Employee Benefit Consulting Services:

• Represent our client in the renewal actions for each of its employee benefit plans and/or administrative services contracts, including (but not limited to) 1) 401(k), 403(b), or 457 retirement plans, 2) core (employer-sponsored) life/AD&D, health, dental, vision, disability, and long term care plans, 3) voluntary (employee-paid) benefit programs (all the benefits mentioned as "core" benefits AND such things as banking, legal, and property & casualty insurance (home, auto, umbrella, etc), 4) administrative services, and 5) wellness programs.
• Annually prepare specifications, take and analyze bids, and make recommendations for the replacement of employee benefit plan insurers / providers / administrators that are under contract.
• Be responsible for the timely and successful transition of any coverage or administrative services due to a change in carrier or service provider for the client company or organization, including …

• Preparation of educational materials for distribution
• Coordinate employee meetings
• Verify (“scrub”) employee enrollments and deliver the same to carriers and third party administrators.

• Review the level and types of employee benefit coverages offered by our client, and make recommendations for change when appropriate.
• Assist with employee contribution modeling.
• Recommend cost containment strategies and techniques to our client with respect to its employee benefit plans.
• Provide periodic updates on laws and regulations that relate to employer-sponsored employee benefit plans – e.g. COBRA, HIPAA, FMLA, ADEA, Medicare Part D, retirement plans, etc. - and assistance, as needed, with respect to compliance with such.
• Third party COBRA compliance and administration are typically provided through Benico’s strategic partners.
• Provide a Premium Only Plan (with provision for sheltering HSA contributions) using the MHM Resources Inc. document service and ongoing document compliance.
• Recommend changes in benefit design and administrative arrangements when appropriate in light of changes in the healthcare and employee benefits industries.
• Meet with the client as needed.
• Provide advice and ideas as to how to maintain financial and rate stability.

Employee Benefit Administrative Support and Account Management Services:

• Dedicated account management team comprised of two professionals – one designated as the lead account manager, and the other providing backup. Such professionals are accessible through Benico’s national toll-free line (888-669-4883) to help employees and their families with:

• Coverage questions
• Claim resolution
• Appeals of denied claims

• Provide training and support for the administrative staff of our client in the area of employee benefit administration
• Provide assistance, as needed, in the areas of claim payments, billing, eligibility, and/or enrollment
• Provide assistance with employee communications:

• Develop, launch, and maintain an HR / employee benefits portal known as Benergy™. The provision of this service includes Ready Enroll (enrollment decision support, NOT online enrollment). The Real Value (total compensation) Statement is available as an option.
• Develop and implement planned program of regular payroll supplements to educate employees
• Write and produce additional payroll supplements as appropriate (plan changes, etc.)
• Assist Client in developing employee benefits enrollment kits.
  • Actively monitor carriers’ and other service providers’ performance.
  • Implement and/or facilitate employee benefit plan amendment requests.
  • Coordinate the scheduling, as needed, of employee benefits fairs with representatives from the client’s employee benefits providers.
  • Provide other service, assistance, and/or advice as may reasonably be requested or needed.

In consideration of the performance of services set forth above, Benico is typically appointed as the broker of record with the insurance companies that insure and administer the client’s employee benefit plans. For client companies / organizations that have in excess of 100 insured employee lives, for all lines of coverage other than health insurance Benico is most typically compensated through fully disclosed commissions that are paid by the insurance companies which underwrite and administer such coverage.

With respect to health insurance for accounts with more than 100 insured employees, at the discretion and direction of our client Benico will receive remuneration either through commissions that are paid by the insurance company or through fees that are directly billed by our firm. If our client decides to provide remuneration through broker commissions, Benico will renegotiate the pricing of the client’s health plan to reflect commissions that are equal to a set amount of commissions for a 12-month period. Otherwise, if our client prefers a fee-for-service arrangement, commissions are altogether removed from the pricing of the health insurance plan, and fees are then billed directly.

To view a template agreement, click here.