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BIG
- 1. Insurance and FinancialServices for Business, Executives and Employees
- 2. REPRESENTING MORE THAN200 BUSINESSES, BIG PROVIDES CREATIVE BENEFITS & INSURANCE SOLUTIONS TO FIT YOUR COMPANY’S CULTURE AND NEEDS. THE COMMUNITYTHE COMMUNITY
- 3. Group Health & EmployeeBenefits Property & Casualty Insurance HR Consulting & Administrative Assistance Corporate Retirement Plans & Succession Strategies Employee Education And Engagement Comprehensive Consulting Services available for all lines of coverage: You need support. BIG has solutions.
- 4. Who we are Focused:Improving your bottom line Bold: Strikingly different and eccentric solutions Innovative: Unique solutions customized for you Informed: Subject matter experts keeping up with the changes Accessible: Where you need us, how you need us and when you need us
- 5. What makes usstand out Quote Plans Shop Carriers Annual Renewals Employee Education Claims Analysis Wellness Program Awareness HR Support & Planning Benefit Statements & Books ACA Compliance Typical Agent -We believe in supporting our clients in all aspects needed to make your business successful. -We personalize quotes to fit your needs and your budget. “Byrne Insurance Group really thinks outside the box and provides a different approach than our previous agents. They really are creative.” -Richard R.
- 6. BIG Partners withYou to…. Pinpoint the realities & goals of your business and staff Re-evaluate or reconstruct strategies to help you meet those goals Outline the roles & responsibilities Track your progress towards reaching your goals Educate your employees & family on all facets of your plan Tackle governmental & industry changes that affect your business Comply with all necessary accounting & legal procedures
- 7. Pinpoint the realities& goals of your business and your staff My budget is tight How can I make suremy top people aretaken care of? Am I compliant with the new healthcare changes? How do I reduce my tax burden? I hope my employeesknow how much Icare!
- 8. Re-evaluate or ReconstructStrategies to Help you Meet those Goals • Complete analysis of your benefit dollars • Make sure recommendations are communicated to all vendors • Create a committee to address health insurance changes and employee communications • Creating operational efficiencies for HR and for your business • Avoid penalties by providing MVPs at the lowest cost • Consider canceling your plan and moving to the exchange • Carve out certain classes of employees • Join an association to access lower rates • Review self funded options • Utilization of a Bridge Policy to cover increases
- 9. Agent Payroll ACA Reporting ACA Reporting Payroll Benefit Admin Systems Medical & Ancillary Agent Voluntary Benefits Legal Compliance COBRA Outlining Roles& Responsibilities COBRA Admins Legal Compliance Benefit Admin Systems Voluntary Benefits Medical & Ancillary
- 10. Knowledge is power. Westay up to date with the changes taking place across the market place. Continued education and new certifications help us keep you on the right track. Tackle Governmental & Industry Changes that Affect your Business
- 11. Educate your Employees& Family How we can support you and your staff: • Benefit Administration Systems • Open Enrollment Meetings • Creating an Education/Wellness Committee • Personal 1 on 1’s with Employees • Assigned Support/Account Executives • Call Center Support • Benefit Summaries & Books • Webinars
- 12. Comply with AllNecessary Accounting & Legal Procedures 1-49 Employees 50-99 Employees 99+ Employees Plan Document Plan Document Plan Document SPD/SMM SPD/SMM SPD/SMM SBC SBC SBC Marketplace (Exchange Notice) Marketplace (Exchange Notice) Marketplace (Exchange Notice) COBRA (20+) COBRA COBRA HIPAA Notice Special Enrollment Rights HIPAA Notice Special Enrollment Rights HIPAA Notice Special Enrollment Rights HIPAA Notice of Privacy Practices (3yrs) HIPAA Notice of Privacy Practices (3yrs) HIPAA Notice of Privacy Practices (3yrs) Medicare Part D Notice* Medicare Part D Notice* Medicare Part D Notice* Newborn’s and Mother’s Health Protection Act Notice Newborn’s and Mother’s Health Protection Act Notice Newborn’s and Mother’s Health Protection Act Notice WHCRA Notice* WHCRA Notice* WHCRA Notice* CHIP Notice* CHIP Notice* CHIP Notice* 6055 Reporting if Self-Insured FMLA 6055/6056 Reporting* FMLA 5500*/SAR* 6055/6056 Reporting* Items in RED apply to all private sector Employers regardless of size. Items marked with a * are annual notice requirements
- 13. Track your Progress TowardsReaching your Goals • Quarterly Reviews • Annual Renewals • Analyzing Claims • Medicare Eligible Employees • Managing Cobra participation • Company & Employee Feedback
- 14. The Next Steps… Gather your current plan documents Start the “PROTECT” process Setup a follow up meeting Your employees depend on you. So does your family. You can depend on BIG.
- 15. Case Studies based onReal Clients
- 16. STRATEGY CASE 1:Classifying Groups of Employees Roofing Company 45 Person Group Carved out employees with low income: 25,000 – 35,000 Utilized the exchange for qualifying employees who could receive a subsidy Same Benefits Per employee savings of $180/month Total savings of $3,040/month
- 17. STRATEGY CASE 2:Older Demographics & Community Rates
- 18. STRATEGY CASE 3:Switching Carriers Management Carve-Out for Restaurant 26 Managers Client under a Franchise Plan with same carrier for 5 years We shopped carriers for competitive rates and comprehensive plans Monthly Savings $10,794.09 Annually $12,9529.08 34.2%
- 19. STRATEGY CASE 4:Using a Medical Bridge to Offset Plan DesignsPlans Option 1 Option 2 Plan Design Deductible: $1500/$4000 OOP Max: $6350/$12700 Office Visits: $30/$50 ER Services: $250/20% Urgent Care: $75 RX: $10/30/60/25% Deductible: $5000/$10000 OOP Max: $6600/$13200 Office Visits: $35/$70 ER Services: $250/30% Urgent Care: $75 RX: $10/30/60/25% Current Premiums $5,306.33 $11,901.93 Current Total Premium $17,208.26 Renewal Premiums $6,084.42 $13,782.91 Renewal Monthly Premium $19,867.33 Alternate Plan Design Deductible: $2000/$4000 OOP Max: $6350/$12700 Office Visits: $25/$40 ER Services: $350/20% Urgent Care: $100 RX: $10/35/75/25% Benefits: •Eliminated having multiple plans •Evened out deductibles •Lowered OOP cost to employees •Office copays decreased •Allowed participants cash benefits to offset expenses Medical Bridge Benefits Hospital Confinement: $2000 ER Services: $150 Diagnostic Procedure: $250 Outpatient Surgical Tier 1: $500 Outpatient Surgical Tier 2: $1000 Plan Premium $14,305.22 Plan + Bridge Premium $15,103.30 Monthly Savings $4,764.03 Advertising Company 26 Person Group Looking for a creative way to retain benefits but lower cost
- 20. STRATEGY CASE 5:Removing Medicare Eligible Employees
- 21. Example Items for Yourbusiness
- 22. Customized Benefit Summaries Customized Benefit Snapshots Health& Wellness Education Benefit Materials We Can Provide
- 23. Customized Online Benefits Enrollmentand Yearly Resources