Introduction to Employee Benefits
Your employee benefits program can play a key role in attracting and retaining quality employees. When planning and implementing your benefits program, be sure to consider your budget, business goals and the resources that will help you comply with federal and state guidelines. As you develop your program, it is also vitally important to understand the laws which can potentially impact your employee benefits program, including: COBRA if your company has 20 or more employees, the Affordable Care Act (health care reform) and Family and Medical Leave Act if your company has 50 or more employees.
Types of Employee Benefits
There are two types of employee benefits:
- Those the employer must provide by law; and
- Those the employer offers as an option to compensate their employees.
Examples of required benefits include Social Security and workers’ compensation, while optional benefits include health care and retirement. Both required and optional benefits have both legal and tax implications for the employer.
At Access Benefits, Inc. we prove our value every day with the following comprehensive range of services:
Research and analyze client’s groups employee benefits needs and physician networks.
- Review current plans and level of satisfaction.
- Determine key person’s objectives.
- Collect census.
Survey the marketplace for appropriate plans and carriers.
- Analyze and negotiate with the available carriers and plans.
- Check that key person’s physicians are in proposed network.
Present plan alternatives that meet client’s benefits and budgetary needs.
- Prepare presentation.
- Explain plan differences.
- Explain the requirements for group coverage.
- Acceptable waivers.
- Participation requirements.
Prepare master application, supporting documents and employee enrollment.
- Group Application, which defines the terms of the plan.
- Eligibility documents supplied by group and included with the application.
- Employee enrollments completed by employees defining their status and named dependents.
Support your client’s employee benefits and HR needs.
- Be available to respond to questions regarding the plan, claims and eligibility.
- Keep clients ahead of the curve by notifying them of changes in laws—issues that will directly impact their businesses.
- Provide customer support throughout the plan year such as enrollment changes, claims and insurance I.D. cards.
- Provide support when COBRA issues come up.
Help with open enrollment.
- Provide support at open enrollment time with explaining choices and assisting enrollment.
- Install the plan upon acceptance by the carrier.
Provide documentation such as SPDs or SARs when needed.
- Arrange to provide the documents at inception and for changes in the plan.
Facilitate renewal and eligibility verification.
- Provide explanation of renewal
- Design plan alternatives in line with budget and priorities.
Prepare 5500 for filing with the Department of Labor for groups over 100.
- Prepare and E-file on behalf of the client.