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The Basics of Heath and Welfare Benefits Implementation. Benefits Strategy 1. Health Plan Design 2. Benchmarking 3. Other Employer- Sponsored Benefits 4. Other Considerations. 1. Health Plan Design – Key Considerations. Carrier Selection BCBSNC, UHC, Coventry, Aetna, Cigna
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Benefits Strategy1. Health Plan Design2. Benchmarking3. Other Employer- Sponsored Benefits4. Other Considerations
1. Health Plan Design –Key Considerations • Carrier Selection • BCBSNC, UHC, Coventry, Aetna, Cigna • Plan Design • Traditional Plan, Tiered Benefit Plan, HSA Qualified Plan • PPO Platform, POS Platform, HMO Platform • Benefits • Deductibles, Coinsurance Limits, Copays • Out of Network Coverage • Outside of the Box Ideas • Dual Options • HRA/Deductible Reimbursement Plan • Defined Contribution Plan
2. Benchmarking–Key Considerations • Understand the Market • Company Size • Company Location • Company Industry • Don’t Make Plan Design Decisions in a Vacuum • What do your employees want? • What do your employees need? • Survey employees to find out what is important to them • Recruiting and Retention • Are you using benefits to recruit new talent? • Are employees leaving your company because of your benefits? • Understand where your getting your employees from and where you may lose them to
3. Other Employer-Sponsored Benefits–Key Considerations • Dental Coverage • Life Insurance • You can provide a life plan with a $50,000 benefit with no tax implication to your employees • You can class-out segments of your population to receive different benefits • Short and Long Term Disability • Consider using the same carrier for both lines of coverage to coordinate benefits • Vision Coverage
4. Other Considerations • Health Care Reform • Where does your plan fit into this? • What are the effects on your plan? • Section 125 Plan • Allows you to deduct premiums on a pre-tax basis • Communication to Employees • Delivery method of plan information to current staff and new hires • Benefit Administration • Who will administer the plan? (Changes, new hires, terminations, etc.) • Voluntary Offerings • Supplemental Life • Dependent Life • Critical Illness • Hospital Policy • Cancer Policy