Traditional Insurance

Traditional (Fully Insured) Insurance

EmployeeBenefitsPhoto_Large_320x411For more than 30 years, Benefits Planning Service has provided consulting and brokerage services to numerous clients, of various sizes, that have had fully-insured benefit plans. Based on a company’s size and objectives, the benefit program may be as simple as a basic medical plan, to a comprehensive program  including medical, dental, vision, life, LTD, STD, voluntary benefits, etc..

Regardless, of the client’s size, BPS provides all of our fully-insured clients the same level of service and attention to details. Based on a potential client’s objectives, BPS will survey the entire marketplace for a plan(s) that meet those objectives and requirements. Once a client’s benefit program has been established, BPS’ services include the following:

– Quarterly or semi-annual meetings to review plan performance;
 
– Advocacy on employee claim issues;
 
– Ongoing compliance review;
 
– An annual marketplace review for competitive plans and pricing;
 
– A detail annual report on plan composite cost and marketplace information; and
 
– Assistance in the annual open enrollment process, including company specific enrollment materials.

All brokers have access to the same marketplace and fully-insured plans; the difference is the level of experience and service.

Fully Insured Case Studies

Below are several actual case studies of benefit plan cost reductions our Fully-Insured clients have experienced after retaining BPS as their broker. Our design & purchase strategies will typically save an employer 10-30% over current premiums. Whether your company is small or large, growing or downsizing, we can help.

Fully Insured Case Study #1

Industry: Sales and Marketing
Employees: 5

Before BPS: $84,000
After BPS: $53,000

Cost Savings:
$31,000

36% Annual Savings

Fully Insured Case Study #2

Industry: Contract Rehab
Employees: 27

Before BPS: $80,000
After BPS: $58,000

Cost Savings:
$22,000

27% Annual Savings

Fully Insured Case Study #3

Industry: Physical Therapy
Employees: 1535

Before BPS: $6.06 Million
After BPS: $3.41 Million

Cost Savings:
$2.65 Million

43% Annual Savings

Fully Insured Case Study #4

Industry: Information Technology
Employees: 9

Before BPS: $43,000
After BPS: $30,000

Cost Savings:
$13,000

29% Annual Savings

Fully Insured Case Study #5

Industry: Non-Profit Organization
Employees: 143

Before BPS: $546,000
After BPS: $470,000

Cost Savings:
$76,000

14% Annual Savings

Fully Insured Case Study #6

Industry: Transport/ Trucking
Employees: 50

Before BPS: $267,000
After BPS: $242,000

Cost Savings:
$25,000

9% Annual Savings

NEED HELP?

Contact Benefits Planning Service today for assistance on fully insured and self-funded plans as well as ACA compliance issues. We are here to serve you.