Discovery and Plan Design Process
Your plan’s design is the underlying architecture of your benefits program. It influences your plan’s short- and long-term costs, its soundness, effectiveness and appeal. At Benemax, we recognize that 'one-size-fits-all' plans do not meet the needs of individual clients. We work to custom design a solution that meets today's needs while laying a foundation for your future growth and stability.
We begin our Plan Design Process by preparing a Client Assessment Profile, which ensures that the plan is properly aligned with your firm’s strategies and goals. We ask a number of key business questions that help us understand your business and the peculiarities of its workforce. We take the time to listen and develop a design that is aligned with your benefit plan objectives and your business strategy.
We then complete a Plan Design Review, which identifies opportunities for cost management and value creation. We design a plan that will:
Plan Procurement Process
Our seven-step Plan Procurement Process helps identify a carrier that fits your needs, at the most competitive price available.Plan Implementation Process
Once selected, our Implementation Process assures a smooth transition. We begin by establishing Carrier Service Standards. We also facilitate administration and claims training, and provide assistance with transfers and enrollment.Plan Audit and Negotiation
Is our plan fairly priced?
Most plan sponsors struggle with this question. We designed our Audit and Negotation Process to keep vendor’s honest and provide you with the information and insights that result in successful negotiations.
Our Audit and Negotiation Process
Benefits costs are rising much faster than inflation, and will continue to do so for the foreseeable future. Our most important role is to help you manage these rising costs.
Beyond day-to-day support, each quarter we review claims experience and assess cost containment and value enhancement strategies.
Our Audit and Negotiation Process is built around four reports: two Quarterly Updates, a 3rd Quarter Review and an Annual Audit. In each, we identify claims trends and provide clear, executable action plans. The audit applies our own pricing analysis to renewals and supports our negotiating position, resulting in fair and competitive rates.
Our annual audit is the cornerstone of our benefits management efforts. We use it ‘keep insurers honest’ when they re-price benefits plans. Insurers try to recoup losses from the previous year while anticipating next year’s claims by using internal trend and inflation assumptions. We make sure their assumptions are valid by:
As your advocate, we negotiate with your insurance carrier on your behalf. Once our claims and trend analysis is complete, we compare it to your carrier's proposed renewal increase and use our findings to negotiate changes on your behalf, when appropriate.
While our industry relationships are deep, we are not tied to any particular vendor, and have unlimited access to the insurance market.
Employee Engagement Process
Our Plan Communication Process increases your employees’ awareness and appreciation of their plan. We introduce programs that help make employees partners in cost and consumption management. Our services include on-site meetings with staff to ensure that your plan is properly understood, utilized and appreciated by all employees.