Business Benefits Group (BBG) offers Benefits Consulting services to businesses in Charlottesville, VA. Competitive benefits serve as a great motivator for employees, and having the right team of employees can positively contribute to business’s overall success and longevity. Employers in Charlottesville, VA who collaborate with our experienced Benefits Consultants will ensure that they are properly leveraging their employee benefits programs in order to attract/retain talented employees, while also reducing cost. Our Benefits Consultants are able to support Charlottesville, VA businesses with the entire benefits process, including: plan selection, implementation, administration, and re-enrollment.
Understanding the Needs of Employees
All employees have concerns over healthcare and financial resources. In many cases, their benefits options need to be explained so that they understand the value and security that they provide. Employees need assurance that they will be able to maintain the lifestyle that they desire, while also being able to plan for retirement when the time comes. Employee benefits plans can allow for employees to feel this security, so that they are able to focus their efforts on fulfilling their role to the best of their abilities.
Our Charlottesville, VA Employee Benefits Consulting Services
Consideration for the complete range of the needs and desires of employees is an extremely important aspect for employers to be aware of for when they are deciding upon which benefits to make available. Employers also need to consider how to properly structure, implement, and administer the plan over time. From conceptualization to implementation, BBG’s Benefits Consultants have the knowledge and expertise needed for businesses to have successful benefits programs. BBG’s Benefits Consulting services include:
Our team of Benefits Consultants possess the insight required to advise employers on the plan that satisfies the needs of employees and business as a whole. BBG’s benefits consultants can guide businesses to understand common benefits questions such as the differences between Fully-Funded and Self-Funded plans, as well as the stream of health plans such as HMO, PPO, HRA, HSA, POS, and other common structures. During a consultation, one of our trusted benefits consultants will provide employers with full explanation of all the unique considerations and advantages of different plan options. This discerning guidance can help businesses to make more impactful decisions regarding employee benefit plans.
Benefits Administration Technology
Proper and effective communication is an extremely important aspect in keeping a benefits program running effectively company-wide. The solutions provided by our Benefits Administration Technology serve to help both employees and employers alike. BBG’s Benefits Administration Technology solutions can target specific administrative issues to make improvements to organizational communication regarding compliance documentation, warehousing of data, and online benefits enrollment. In addition, our mobile platforms assist in reducing other additional costs by helping to create efficient operations, all while gathering helpful data to assist employers in their decision-making process.
Benchmarking is a key component to the continued prosperity of any business. It is instrumental in providing access to structured analysis of a competitor’s employee benefits, as well as many other aspects of their business practices. Identifying and understanding what regional and industry competitors are offering can help businesses to stay as competitive as possible, and may increase employee recruitment and retention.
Another value use of benchmarking analysis is to zero in on any shortcomings in a business’ current benefits package, to make sure that the plan is continuing to create value for the business. Our Benefits Consultants can analyze different trends in different types of benefits and then guide employers during the decision-making process.
Custom Open-Enrollment Communication
Many employers encounter a degree confusion when trying to highlight the value a business’ benefits plans to employees. BBG can help businesses face the challenges of storing and tracking the proper documentation for each employee. BBG can help to simplify these processes by delivering highly-customized communication to employees during the process. When it is time for enrollment, BBG can assist in the planning of a benefits marketing campaign that allows employees enough time to review their options in detail to make these important decisions prior to the enrollment deadline.
Building A Benefits Package
A significant amount of industry research has highlighted that an all-inclusive benefits plan, one that includes dental, vision, and other benefits, is something that many employees respond positively to. The right benefits plan will lead to feelings of appreciation—which can help to improve upon both satisfaction and productivity. BBG’s experienced team of Benefits Consultants will investigate what a business is currently offering in order to find out if any additional options exist that could enhance the entire benefits package without incurring unnecessary expenses.
Important Pre-Renewal Planning
Staying on top of a business’ renewal deadlines is something that our Benefits Consultants take very seriously. BBG will make contact with a company several months before renewal time has arrived. We will thoroughly analyze a benefits package to see if there are any plan adjustments or modifications that could benefit businesses. We will also take this time to review if there are any significant changes that have occurred within a business during the 12 month period before renewal. BBG’s highly-experienced benefits consultant can evaluate that would call for modifying its current package.
In addition, we take this time to acknowledge feedback regarding an existing package—an essential process to ensuring that our customer service provides everything that a business needs.
Flexible Spending Accounts
We also provide assistance in both understanding and implementing Flexible Spending Accounts, or FSAs. Flexible Spending Accounts(also known by the title of Flexible Spending Arrangements) are specialized accounts that are used to store funds for any out-of-pocket expenses related to healthcare. In general, FSAs can provide a more simple benefits option. This is typically true during the reimbursement process. In most cases, contributions to an FSA account are made with pre-tax money.
Employers do have the option of contributing money to their employee’s FSA accounts; however, this is usually optional. Each business has its own set of needs, and BBG’s Benefits Consultants are adept at underlining whether FSAs properly fit for a benefits package.
COBRA has many different timelines and other requirements. These may include plan change statements, COBRA notices, event election notices, underpayment statements, early termination notices, and many more. Having more than 20 employees is a requirement for Cobra. BBG is able to help with every aspect of COBRA Administration, including: keeping track of all current or former employee information, consultation, managing COBRA administration for employers, and ensuring regulatory compliance. We can also help to educate qualifying employees, which may help to lower the possibility for any noncompliance fines.
Medicare, our federal program of health-insurance, was put into place by Congress in 1965. Even though most basic costs are covered, this is not usually not true for long-term care expenditures and other medical expenses. People who qualify for Medicare are either over 65 years old, or younger with a disability.
Medicare is split into two different parts. The first part, Part A, primarily covers more serious occurrences, such as hospital, nursing home and even treatment at home. Part B is made available on acceptance into Part A, and covers many doctor’s bills, and even medical supplies.
Because a significant part of retirement prep is understanding and planning for health insurance, BBG’s benefits consultants are experienced in assisting businesses with the complex navigation of the issues associated with Medicare.
Consumer Purchasing Guidelines
We offer sound guidance in breaking down each benefit plan that an employer may have interest in. As a business becomes larger, employers need to understand the different ratings systems. Additionally, understanding as who pays for each benefit specifically, is important when deciding on the best plan for a business. At BBG, our Benefits Consultants stand ready to help with decision making and analysis in order to keep businesses headed in a successful direction.
Advantages of Our Charlottesville, VA Benefits Consulting Services
From the perspective of any potential employee, the most important determination to make is whether or not a company is a good place to work for. Having a desirable array of benefits contributes to improvements in employee retention rates, company morale, and ultimately an increase in commitment and productivity. An investment in the happiness and well being of employees should always be considered for the future of the company.
It may seem like gaining a full understanding of all the different plans out there is an intimidating task; however, our team of Benefits Consultants has the experience to turn this grueling task into something easy, stress-free, and straightforward. BBG can provide help every step of the way, from planning to implementation, and year-round client support.
Licensed, Qualified, and Experienced Consultants
Businesses who work with the Benefits Consulting professionals of Business Benefits Group, much of the misinformation and guesswork is left far behind. Our Benefits Consulting Services enable employers to have more time to concentrate efforts on other important matters such as remaining competitive within a given market. BBG has been helping different companies to find the most useful benefits packages for decades. Our clients can rest assured that the best guidance and decisions are being made regarding their employees’ benefits, given the excellence of our track record, as well as how much experience we have in the industry.