5 Strategies for Success - 2013 & Beyond
Solutions For PPACA/Obamacare!
Building Your Integrated Employee
Benefit Plan Designs
The Component Parts
The Importance of Choice - The Concept of providing Employees and their Families choices when selecting Benefits related Plans, Programs. and Services is not new. Payroll Deducted Benefits emerged from the old Debit Plans and evolved into being called Worksite and Voluntary Benefits. The difference in the past several years is that all Employee Benefits have become Voluntary! Employees in many cases are provided choices in their Core Benefits as well in the Voluntary/Worsite Plans.
When these Benefit Choices are offered within of a Defined Contribution(DC)
Model and on a Private Exchange Platform, they empower the Employer and
Employees to make better Consumer Driven Choices - Saveing Dollars, and Gaining
a Greater Return on Invested Benefit Dollars.
Overview of Benefit Choices - Plans, Programs, and Services - There
are 4 Basic Categories of Choices:
1) Core Benefits - Under PPACA/Obamacare the Plans must be Complaint - with some limited exemptions. Most traditional Carriers are redesigning their Plans to accommodate the Private Exchanges, DC Plan Designs, and to meet the needs of Employees or Individuals. Note: In some case under a DC Plan Design some Employers are allocating the Benefit Credits to the Employees and directing them to the Individual Coverage Marketplace. Two guidelines are provided for what constitutes Qualified Health Plan (QHPs) and the Essential Health Benefits (EHBs) that must be offered. Health and Human Services (HHS) is regularly providing updates. In broad categories the Plan Designs include:
Fully Insured Plans offered by Insurance Carriers
Partially Self-Funded Plans
Subsets of these include: HRAs and HSAs with High Deductible Health Plans
Limited Benefit Plans - restricted under PPACA/Obamacare
2) Voluntary/Worksite Plans - There are now sizable number of Carriers and Plans, Programs, and Services from which to select. While Advertisements and Agents my otherwise indicate, no one Carrier has the best of all Plans, Programs, and Services. When building a Menu of Benefits, Employers should utilize an experienced Benefits Broker to assist as a Trusted Advisor.
The Voluntary/Worksite Choices include but are not limited to:
Disability - Short Term (STD)
Disability - Long Term (LTD)
Critical Illness (CI)
Hospital Income Plans (HI)
Pet Insurance (P&C)
Home & Auto
3) Tax Advantaged Plans - These Plans provided for under IRS Codes provide current or deferred Tax Savings for the Employer and/or the Employoyes. They include but are not limited to:
Pre-Taxing Qualified Plans - Section 125
4) Ancillary Plans - These Non-Insurance Plans provide Plans, Products and Services to Employees generally on a discounted basis through Payroll Deduction. The Plans include but are not limited to:
Discount Dental Plans
Discount Vision Plans
Computer Buying Plans
Integrated Employee Benefit Plans - Offer Brokers an opportunity to solidify their place with Employers, Employees, and Individuals as Trusted Advisors. When Brokers - working with the Employers - offer these Plans in combination with Private Exchanges and Defined Contribution Plan Designs, a combination of efficiencies and cost-savings can be obtained while meeting the Needs and Price Points of the Employers, Employees, and Individuals.
Simplifying The Insurance & Benefits Decision-Making Process For All Parties
Helping You Find Insurance & Benefits Portfolio Solutions
Your Insurance & Benefits Research Center
Bringing Sellor/Providers Together In Need of Change
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