For More Information Call Phil 216.577.5579
We will be sharing these discussions about DC on: Our Blog; Google+; Our Linkedin Group - Insurance Forum; Twitter; ProducersWeb, Insurance Campus and other Social Media. I invite you to share these discussions with Friends and Associates in the Insurance and Benefits Industries. Those with experience in implementing a DC/Full Flex Design are invited to contribute and share! To become Listed as a Provider of DC related services, Contact Us from the above form or Email - Defined Contribution
What is Defined Contribution? Defined Contribution (DC) - as we will be defining it - is a refined and updated version of what was once referred to as a "Full Flex" Cafeteria Plan and works for Small, Medium, and Large Employer Groups. As we will explain, DC integrates a Credit/Dollar Allocation System utilizing Traditional Health Plans, CDHPs, HDHPs, HRAs, HSAs, Section 125 and other IRS Codes Beneficial to the Employers, Employees, Brokers and Carriers creating Efficiencies and Cost-Savings!
A Little Background! Much like when DC was applied to Retirement Plans replacing Defined Benefit Plans, DC for Benefits in General - including Health Coverage, Dental, Vision, Disability, Voluntary Benefits, Ancillary Plans, etc. - can and will control costs, increase consumerism, and take the Employer out of the Benefits Decision-Making Process. As will be explain, this can be accomplished without a negative impact, real or perceived, to the Employees. Employees embrace the DC Plans!
What's in it for the Employer?
The CFO - While DC cannot have an impact on the year-by-year Premium Increase, it does permit the CFO, or financial Decision-Maker, within the Employer's operations, to Budget the amount they will spend on Benefits year-by-year. Especially for Self-Funded Plans, Cost-Savings are generated when the Employees are Empowered to become better Consumers.
The HR Department - With the assistance of the Broker(s) the HR Department selects a "Menu" of Benefit Choice. The HR Department can substantially reduce the time involved in the Benefits Decision-Making Process and return to Hiring, Training and Retaining Employees. This benefits the entire operation!
What's in it for Employees? - Employees are Empowered to build a customized Benefit Plan specific to meeting their Individual and Family Needs within their Price Points.
The Employees utilize the Credit/Dollar Contribution made available by the Employer - combined with their own contribution - to select from a "Menu" of Benefits selected by the HR Department and Broker(s). In many cases, the Credit/Dollars can be utilized for their purchasing Individual Plans in the open-market! Employees are provided Self-Directed Choice!
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What's in it for the Broker(s)? - The Broker(s) become the "Trusted Advisor"! For the Employer and Employees to gain the full benefits of a DC Plan Design it is essential to work with a Qualified Broker(s). The Broker(s) assists the CFO in setting the Credit/Dollars to be offered to the various "Classes of Employees" - staying within the non-discrimination guidelines; assists the HR Department in selecting the "Menu" of Benefit Choices to offer the Employees; and develops and implements the Education, Communication, Enrollment, and Data Management Processes.
The Commissions and/or Fees generated from these services can be substantial. When implementation of a DC Plan is effectively accomplished, the Broker(s) become a well-entrenched "Trusted Advisor"!
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