Group Health Benefits
In designing a Benefit Plan, it is critical to meet the needs of the members and also to maintain a viable plan and manage costs. Whether a plan is fully insured or self insured this is the single most important factor that affects the plan’s current and future costs. Group Health benefits are a bit more flexible than Group Life benefits as some insurers may provide network managed plans apart from the typical reimbursement plans. Our experience indicates that the majority of plans are not actively managed, and the policyholder is only made aware of heavy claims losses and the likelihood of severe rate increases just prior to renewal.
Our approach will involve monitoring the plans performance on an ongoing basis with quarterly reviews which will allow for determination of claims trends and corrective action where necessary. This will also require ongoing monitoring of the insurer’s performance and administration of the plan, as well as the ability to provide claims statistics and analysis when required.Our reviews would also consider the use of technology for the communication with the policyholder and the ability to use technology for the administration of the plan e.g. ability to track claims online, and the ability to add or terminate members online.
Another important factor will be the monitoring of new products developments and trends in the Health insurance industry as it will affect our client plans. This will also include reviews of new services offered by the insurance carriers as well as changes in the legislative environment that will impact on our clients’ plans. These services are in addition to the provision of assistance with plan benefit design and obtaining the relevant quotations from the market and analysis of the quotations received where new plans are being implemented or the client desires a change from current arrangements.
Group Life Benefits
In addition to Group Health Plans we can also arrange Group Life Plans for your employees.
Group Life Plans add value to your employees by ensuring their beneficiaries are well taken care of in the unfortunate event of an untimely demise.
We can also arrange various Pension schemes to benefit your employees. Just leave the heavy lifting to us.