Audits and Plan Reviews
Our greatest value driver for clients comes in the form of plan audits and reviews. We drive significant value for our clients via detailed audits and reviews of efficacy and identify any gaps or unneeded coverage that might be in place.
Our audits and reviews start with asking a number of questions: When was the last time you reviewed your current cost sharing arrangements, or the tax efficacy of your benefits offerings? Are you aware of any gaps in coverage for life or disability coverage for high earners at your organization? Is your current plan funding model appropriate? When was the last time your benefit plan was marketed?
We partner with our clients to answer these questions after doing a detailed, in depth plan reviews of your current and historical benefit offering, and turn this review into actionable advice to save your organization money, drive better health outcomes for your people, and increase financial wellness.
Defined Contribution Benefit Offerings
Many traditional group insurance and retirement offerings include volatility in costs, with price changes driven by shifts in underlying risk. Spending account and cost plus solutions can help organizations significantly de-risk and stabilize benefit budgets. Whether you are a sole proprietor that needs a nimble cost plus account for your family’s health and dental claims, a small organization that wants to offer a tech forward flexible benefit offering, or a large employer that wants to increase employee satisfaction while promoting health, a spending account will improve the health of your organization’s people.
If you would like to see how a technology first approach works, we encourage you to click the “myHSA” link at the top of the page and would be happy to book a demo of the platform!
“We have valued Care’s responsiveness and the insightful advice from Ian & Jim. The team at Care provides us with extremely well thought out information and pragmatic solutions which made it much easier and efficient to make informed decisions for our company and our employees.”
- Heather, CFO of a Wholesale and Distribution firm
Flexible Benefits
Flexible benefit plans are the hallmark of large market leading employers, and for a long time were considered a major differentiator when it comes to talent attraction and retention. In the current digital forward marketplace this is no longer the case – there are many options for having a benefit plan that provides employee choice that breaks the mold of the traditional benefit plan. Some considerations include:
Modular style flex plans for mid-sized organizations
Cafeteria style flex plans for large technology forward firms
Flexible spending accounts tied to a baseline traditional benefits offering
We don’t recommend flex for all of our clients, as a flexible benefit offering exposes plan sponsors to volatility in costs over and above what typically exists for a traditional plan. That being said, we are passionate about designing and pricing flexible benefit plans that allow employees to engage with their own health needs and out of pocket costs.
Plan Redesigns
Benefit plans are living, breathing things – as the health needs of an organization’s employees and their families change, the underlying plan needs to be regularly reviewed and updated. We specialize in plan redesigns from all different angles: strategic integration into your total compensation planning, employee needs, meeting budget constraints or any combination of these three items. We support a benefits redesign from top to bottom, including but not limited to:
Tendering of benefit plan
Review of benefits philosophy and program goals
Interviews with leadership and key associates
Employee surveys
Communication campaigns
Project management and ad-hoc support
Working Towards Change?
With many different paths to choose from it can be an intimidating process. CARE Benefits takes pride in working with each client to create a custom plan that works!
Employee Surveys
Most benefit plans are designed via benchmarking reviews, with the underlying assumption that senior leaders and key staff have detailed understandings of associated dollar values with certain benefit design offerings. While benchmarks provide a valuable tool for understanding what is happening in the market, the programs that are valued most by employees are the ones that have been designed to respond to specific requests and needs.
At certain employee population sizes (limited due to confidentiality concerns), we support many of our clients with the drafting, execution and result roll up of employee surveys in the scope of a large employee survey or specific to benefit offerings.
General Advisory
The challenges you and your business are facing change all the time. Our advice, policy reviews, financial reviews and approach to benefit offerings are couched in the fact that our problems are our client’s problems. We work with clients to make sure that a benefits offering is exactly a benefits offering, and that it is delivering what you need in the short term as well as fitting into your long term plans.