FAQs
General FAQs
How long has Benefits Planning Service been in business?
BPS is a partnership that was formed in 1982, and has been providing employee benefits consulting and brokerage services for over 30 years.
What size of companies does BPS work with?
We work with companies of all sizes. No company is too small or too large.
Can BPS service multi-state clients?
Yes, we have extensive experience servicing multi-state clients.
Is there a difference between an agent and a broker?
Yes, although insurance carriers refer to both as “producers”. An agent “works for an insurance company”, while a broker “works for their client”. BPS has never been “married” to a given carrier; as a broker, we utilize the entire insurance marketplace to the advantage of our clients.
What makes Benefits Planning Service different from other brokers?
We believe it is our dedication to developing a long-term working relationship with our clients, as well as providing exceptional service & guidance in benefits planning and compliance. At BPS we go to great lengths to provide our clients with the very best product at the lowest possible cost. If you’re looking for a new broker, we invite you to “dare to compare” us with your broker. We’re confident you’ll be glad you did!
Self Funding FAQs
Does BPS have experience with Self-Funded plans?
Yes, in addition to fully-insured plans, we have over 30 years’ experience designing and implementing self-funded plans (Ref: self-funding experts).
When should a company consider Self-Funding?
A company with 100 or more employees should consider self-funding as an alternative to fully-insured plans (Ref: self-funding experts).
Why do most brokers avoid discussing self-funded medical plans?
We have helped clients design and structure self-funded plans for 30 years. We believe most brokers avoid discussing self-funding concepts with their clients for several reasons:
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Self-funding is an arena that requires a specialized level of knowledge, experience & skill, which most brokers do not have;
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Most agents and brokers are intimidated by its complexity;
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Commissions are typically lower for self-funded plans than fully-insured plans; and
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Self-funded plans take considerably more work to design, implement, and service than fully-insured plans.
Plan Design and Compliance FAQs
What types of employee benefits can you provide?
We provide a full menu of employee benefits, both company sponsored and voluntary plans. Refer to our list of Products and Services for more information.
Can BPS help us with a “cafeteria” plan?
Yes, we have helped clients implement the full spectrum of plans under Section 125, from simple “Premium Only Plans”, to fully-developed “cafeteria” plans.
Does BPS help its clients with compliance?
Yes, we help our clients meet insurance company, state, and federal compliance requirements.
Changing Brokers FAQs
Is it complicated to change brokers?
No, it’s a simple, and easy, process. If you pay a monthly premium for any group insurance policy, you can change brokers on the first of any month by sending a simple Broker of Record letter to your current carrier(s).
If I want to change brokers do I need to wait until the end of the contract term or can I change at any time?
No, as stated above, you can change brokers on the first of any month by sending a simple Broker of Record letter to your current carrier(s).
