We combine significant experience with innovative ideas to develop cost effective employee benefit programs aligned with the strategic and financial objectives of each client. Equity Risk Partners provides:
Strategic Planning
- Connect strategic business goals to employee benefit plans
- Conduct senior management interviews to identify objectives
- Develop annual service plans and manage timeline of events
- Report to senior management on employee benefit trends
- Identify appropriate carriers/vendors to provide services
Financial Management and Renewal Analysis
- Analyze claims administrator's financial and claim reports
- Negotiate favorable renewals from carriers and other vendors
- Develop rates, reserves, and cost projections for self-funded programs
- Identify trends in cost and funding and make corresponding recommendations
- Evaluate and benchmark employee and employer contribution strategies
Plan Design Analysis
- Review benefit program to determine cost effectiveness
- Evaluate plan limitations to reduce client's financial and legal exposure
- Customize plan provisions to reflect the client's individual goals and philosophy
- Evaluate plan provisions to ensure ease of communication and administration
Vendor Management
- Ensure appropriate and financially stable carriers and vendors are in place
- Monitor carrier service and establish performance guarantees with vendors
- Assess network utilization to optimize cost savings
- Provide resolution support for individual claim problems
Employee Communications
- Review all employee communications
- Provide communication support with new benefit plans/programs
- Edit and revise, as necessary, carrier summary plan descriptions
- Provide open enrollment support
Compliance Support
- Review administrative procedures for COBRA, HIPAA and Medicare D
- Review and draft benefit plan documents
- Facilitate ERISA Form 5500 filing
