Most small and mid-sized employers choose to insure their benefits plans through insurance companies specializing in these services.
In return for a fixed premium per employee, the insurer is responsible for employee enrollment, billing, claims adjudication and claims payment. Premiums are set a level that should be sufficient to cover the all the claims for the coming year plus the cost of administering the plan, including profit.
For an explanation of how employee benefits are priced, click here.
At Benemax, we have developed our 360° Benefits Solution™, a comprehensive benefits management system.360° Benefits Solution™
A changing environment:
Up until the early 1980’s, managing insured plans was a fairly simple process. However, the environment has changed significantly due to:
Moreover, many companies have reduced staffing in an effort to become ‘leaner’ organizations and compete more effectively. A consequence of this is that few small and mid-sized firms have retained sufficient in-house compentency and/or capacity in the area of benefits management.
Our clients’ needs:
Our clients began to express an need for a comprehensive solution to their employee benefits needs. They were seeking input and support in all aspect of benefits management, including:
In short, they were seeking Professional Guidance in Benefits Management.
We designed our 360° Benefits Solution™ to address these specific needs and to deliver strategic, comprehensive and cost effective solutions to our clients.
As your partner, we are an active part of your benefits management team 365 days of the year. We provide timely insights that are linked to action plans for managing cost and increasing value.
Our comprehensive 360° Benefits Solution™ includes the following elements:
We deliver these services though a series of core processes.