Employee Benefit Consulting Services

Employee Benefit Consulting Services:

Benico, Ltd. provides the following consulting services to its client companies and organizations:

  • We represent our clients in the renewal actions for each of their employee benefit plans and related insurance and administrative services contracts, including (but not limited to) life/AD&D, health, dental, vision, disability, administrative services, account-based health plans, and wellness programs.
  • We annually prepare specifications, take and analyze bids, and make recommendations around the renewal or replacement of contracts with the employee benefit plan insurers / providers / administrators that are under contract with our client companies and organizations.
  • We benchmark the design and cost structure of our clients’ employee benefit plans (between employer subsidies and employees’ contributions) with plans sponsored by other employers, by region and / or industry, that compete for human capital with our clients.
  • We provide assistance around the setting of premium rate equivalents for our clients’ self-insured medical, dental, and vision plans.
  • Coordination with carriers / TPAs around the types and frequency of financial reporting for our clients’ employee benefit plans.
  • Strategic planning services around health & welfare plan consulting, plan design, wellness and population health management, healthcare reform, and cost containment.
  • Timely updates are provided concerning laws and regulations that relate to employer-sponsored employee benefit plans – e.g. COBRA, HIPAA, FMLA, ADEA, ADA, Women’s Health and Cancer Rights Act of 1998 (WHCRA), CHIPRA, Medicare Part D, the Affordable Care Act, etc. – and assistance, as needed, with respect to compliance with such.
  • Assistance is provided around the drafting of plan documents and summary plan descriptions (SPDs).
  • Engagement of ERISA counsel:  Most of the time clients’ compliance consulting needs are taken care of as a result of Benico’s thorough calendaring process.  However, questions occasionally arise around compliance issues involving specific facts and circumstances.  In such cases it may be appropriate for clients to directly engage legal counsel for assistance with such.  Benico works closely with a couple law firms in the US that have significant ERISA and employment law practices, and generally refers its clients to one of these firms in such an instance.
  • Frequent and timely news alerts, webinars and monthly newsletter.
  • Clients receive complimentary online subscriptions to HR360©, an online HR and benefits compliance resource.
  • Clients have access to the Health & Welfare compliance guide, authored by Proskauer Rose, LLP and updated at least annually.
  • We assist our clients with employee contribution modeling.
  • We recommend changes in benefit design and administrative arrangements when appropriate in light of changes in the healthcare and employee benefits industries, and provide ongoing advice and ideas around how to maintain financial and rate stability.
  • Because Benico is a Smart Partner™ member of the Benefit Advisors Network (BAN), Client has access to additional, deeply discounted fee-based services and resources through BAN’s Alliance Partnership Program (APP).
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