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Baf employee benefit control account brochure


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Baf employee benefit control account brochure

  1. 1. Employee Benefit Control Accounts Lowering cost and taking back control of your Employee Benefit packages
  2. 2. The Advantages of the Employee Benefit Control Account with BAF Over the last two decades, Employee Benefit packages have grown to include Medical, Life and Accident/Disability insurance and have become accepted as “de facto” in employment packages, particularly where businesses are aiming to attract and retain the best talent. In a challenging economic environment and with no end in sight of these recessionary times, many businesses are now questioning the viability of continuing to provide such high cost benefits; especially those costs which rise above inflation year after year. However, the removal of staff benefits can have a negative impact on employee loyalty as well as making a business less attractive compared to those that do offer such benefits as part of an overall employment package. There is also real concern about the impact of removing benefits such as medical insurance on long term staff absence and productivity.BAF Support and Partners So what’s the answer?• BAF’s insurance companies have been serving the needs of Caribbean business since 1920 Employee Benefit Control Accounts can provide a flexible and safe alternative to traditional insurance for medium and larger sized companies – taking care of employee• Dedicated and knowledgeable local staff well-being, whilst putting the control of costs and escalating premium payments back in• Streamlined and state of the art the hands of the employer. administration capabilities• Highly rated reinsurance support, including BAF is a specialist in the management of Employee Benefit Control Accounts. Together Munich Re with our global network of partners we have designed a best in breed solution to manage Employee Benefits, putting excellent employee service and employer cost reduction at the• Locally managed and scalable physician heart of everything we do. networks• Lowest cost claims in the US utilizing the United Healthcare network The advantages to the Employer• Access to e-Doc America, a leading physician  Real, long term savings over the cost of traditional corporate premiums (between 10- led portal for health and wellness information 25%). available 24/7.  Employer keeps any surplus if claims are lower than expected, rather than an insurer• Jointly designed and customized wellness taking an extra profit. management programs  The employer, working with BAF, sets the rules of the scheme and what can be covered and decides what to do with any surplus funds. i.e. cash payout, premium holiday etc.  The employer, working with BAF, can design a superior and tailored managed care platform designed for their employees and not the needs of a larger insurer with a varying client base. This allows a more flexible approach to benefit provision as well as providing the opportunity for custom-made benefit plan designs, claims management and administration that ultimately delivers significantly better value to your company’s employee benefit budget.take back control of employee benefits
  3. 3. What does BAF provide?• Custom-made benefit schedules and policy wording• Service Level Agreement• Personalized Membership documentation• Claims administration; local and overseas• On line administration• Full reporting and analysis capabilities All about control funding• Reinsurance support at Specific and /or Aggregate levels Employer funding of employee benefits is really straightforward. In fact about 80% is exactly the same as commercially available insurance. For example: Your HR department can look forward to spending less time dealing with the  Employees can be covered for existing and on-going medical conditions company’s employee benefits and your company can enjoy long term stability in cost.  Your company can choose to transfer the existing benefits into your own plan  The claims process is the same with bills being settled directly with the medical providerDid you know over 80% of  The reporting of group joiners and leavers is the same  Claim reporting and analysis is much improved as the company can see up tocompanies funding employee date picture in real time.benefits in the USA utilizealternative forms of funding as Insurance Protectiontheir key tools to control and The good news is almost all companies that use a control account to fund employeereduce cost? benefits will operate at a surplus over a typical five-year period, but there will always be a year when several catastrophic claims occur and claims exceed expectations. For companies running a surplus balance carried forward from previous years the impact of catastrophic claims can be absorbed. In the early years of an arrangement, an insurance stop loss policy can be purchased to limit the liability to a known maximum. BAF has access to stop loss facilities with some of the world’s largest reinsurers. And with careful management, a successful year doesn’t have to mean an extra profit for the insurer. Your company can: • Hold surplus funds to reduce renewal costs • Use the surplus to buy additional benefits • Retain the surplus funds as a provision against a higher than average claims experience in a future period • offer a contribution holiday or use to fund additional wellness or preventative benefits take back control of employee benefits
  4. 4. The Advantages are:  Custom-designed packages for your employees  10-25% lower overall cost compared to commercial insurance  Interest paid on surplus funds  Company branded literature  Highest quality service proposition for your staff  State of the Art administration  Web access for Group Administrators for up to the minute claims and policy information, 24 hours per day  Web access for employees to policy and claims information  Integrated company specific wellness and preventative healthcare programsIndependence DrivePO Box N-4815Nassau, BahamasTel: 242-461-1000Fax: 242-361-2527Mail: jborrino@mybafsolutions.comWeb: