Business Benefits Group (BBG) provides benefits consulting services to businesses in Richmond, VA. Our experienced benefits consultants can work with Richmond, VA businesses to ensure that they can offer a cost-effective, competitive, and attractive employee benefits package. Offering a desirable benefits package is an effective tool for recruiting talented employees, and can also serve as an effective method to keep employees feeling motivated, productive, and secure. BBG’s experienced Benefits Consultants are able to support businesses in Richmond, VA throughout the entire benefits planning lifecycle, including but not limited to: planning, implementation, re-enrollment, and ongoing maintenance/administration.
Understanding the Needs of Employees
Many employees will be concerned with what financial, healthcare, and other desirable benefits they have access to. Employees often need assurance that their position will equip them with the capability to maintain their desired lifestyle, and plan for their eventual retirement. A competitive employee benefits package can help a business’ employees to feel more secure in life—allowing them to fully concentrate on being as productive as possible.
Our Richmond, VA Benefits Consulting Services
Businesses in Richmond, VA who want to have the capacity to attract and retain competent and dedicated employees need to seriously consider implementing a benefits program. This is essential for employers to consider employee needs, available budget, and capacity to manage ongoing plan administration when which benefits should be provided. It is equally as important to determine the best way to structure these benefits packages. BBG’s team of Benefits Consultants can help guide Richmond, VA businesses to make strategic benefits decisions that create value, decrease administrative burdens, and help to lower expenses. BBG’s Benefits Consulting Services include:
Each of Benefits Consultants have the experience and knowledge necessary to provide valuable advice as to which plan options will best serve employees and the business as a whole. BBG’s Benefits Consultant can help businesses in Richmond, VA to understand the distinctions between various plans, such as Self-Funded and Fully Funded plans. We walk employers through the nuances of different health networks, such as POS, HMO, PPO, HRA, HSA, and other viable options. Each of these plans offer unique advantages and benefits, which our Benefits Consultants can explain in great detail.
Benefits Administration Technology
One of the most crucial elements in keeping a benefits program running smoothly is effective communication. A clear understanding of this has allowed BBG to implement Benefits Administration Technology to assist an HR department with managing benefits. Our Benefits Administration Technology solutions can also help Richmond, VA businesses by creating easier access to critical benefits information that employees need when making important plan decisions. Easy access to benefits information through mobile platforms and other modern tools can help to bridge any gaps in organizational communication without reducing operational efficiency, or unnecessarily raising costs.
Benchmarking is proven way to help businesses continue to progress toward the achievement of a company goals. One of the primary usages of benchmarking is the analysis of a competitor’s employee benefits and practices. In order to remain competitive, it is vital for businesses in Richmond, VA to understand what the competition offers to its current and prospective employees.
Benchmarking analysis is also a key component in helping to identify any issues with a current benefits package. BBG’s Benefits Consultants can provide insight on important trends for various types of benefits, including: Dental Plans, Health Care Plans, Outsourcing, Paid-Time off, Vision Plans and Human Resource policies, and more.
Custom Open-Enrollment Communication
The process of open enrollment can result in a lot of confusion and administrative requirements and can be difficult to explain to the average employee. In addition, it can be stressful for a business’ HR department to correctly store and track required documentation for each employee. BBG’s Benefits Consultants can help businesses in Richmond, VA to streamline this this process by providing clear, personalized, and easy-to-understand, instructions.
Build Your Benefits Package
Studies have indicated that comprehensive plans which include dental, vision and other extras prompt the most positive reaction by employees. A feeling of being appreciated in the long-term can be a common reaction when employees are offered a package that strives to address their full needs. Our Benefits Consultants have the knowledge and experience to help businesses in Richmond, VA to build their ideal benefits package. Our benefits consulting team can also help employers to evaluate their existing programs in order to uncover any plan options that will further enhance their existing programs or eliminate unnecessary costs.
Important Pre-Renewal Planning
Staying on top of pre-renewal planning will help businesses avoid having to important benefit plan decisions under a tight timeline. With our pre-renewal planning service, Richmond, VA businesses can rest assured that deadlines won’t catch them off guard. Our Benefits Consultants will contact a business well before the renewal deadline to ensure that a business’ benefits plan is running smoothly and as intended. BBG’s benefits consulting professionals will review all of a business’ benefits packages and provide guidance on if there is a beneficial opportunity to upgrade or enhance existing plans. Additionally, our Benefits Consultants take this opportunity to address any organizational changes that were made within the previous year in case these developments require any plan modifications.
Customer service and satisfaction is paramount to BBG. We also use this pre-renewal planning as an opportunity to gather any feedback available on how we can best serve a business in the future.
Flexible Spending Accounts
BBG’s Benefits Consultants can work advise Richmond, VA business on how to properly utilize Flexible Spending Accounts (FSA). An FSA account (also known as a Flexible Spending Arrangement) are individualized accounts that are useful for setting aside money for out of pocket medical costs. Generally, deposits into these accounts are made with pre-tax money and simplify the reimbursement process. Many employers are interested in incorporating FSA accounts into their benefits strategies due to the potential flexibility they can provide.
While an employer is capable of contributing to employee’s FSA, it is not required. Our Benefits Consultants have the expertise to educate employers on FSA accounts, so that they can make intelligent decisions on whether it is right for their business.
Many employers are not aware of the various time lines for submitting underpayment statements, COBRA notices, early termination notices, event election notices, plan change statements and other important deadlines.
Richmond, VA businesses who currently have 20 or more employees may be required to offer COBRA. COBRA administration requires strict adherence to numerous regulations. Our Benefits Consultants can manage all aspects of COBRA administration for businesses in Richmond, VA. BBG’s COBRA administration services include but are not limited to managing proper storage and tracking of all required documentation, as well as ensuring compliance. Our highly-trained Benefits Consultants are also able to explain COBRA to employees—helping to avoid costly fines from noncompliance.
Established in 1965, Medicare is the nation’s health insurance program enacted by Congress. While standard protection against many health care costs is usually included, all of them, especially expenses related to long-term care, are not. Benefits provided by Medicare cover those under 65 who are disabled and seniors over the age of 65.
Two parts comprise the benefits included by Medicare. Nursing facilities, hospitals and care in the home fall under the purview of Part A. Once acceptance into Part A is acquired, an individual can then apply for Part B. This includes other various services like doctor’s visits, different kinds of medical services and even some medical supplies.
One of the largest and most important parts of retiring is understanding and learning the choices available in medical insurance. As a result, one of the most important aspects of BBG’s Benefits Consultants’ jobs is to explain and help to navigate through all the intricacies of Medicare.
Consumer Purchasing Guidelines
We are proud to offer guidance with the breakdown of every benefit plan that businesses are interested in. It is important to understand how to figure out specifically “who pays what” for each benefit, and how their rating systems operate. BBG’s Benefits Consultants are ready to help businesses through deciding and analyzing benefits packages designed to ideally fit a company’s needs.
Advantages of Our Richmond, VA Benefits Consulting Services
An exceptional benefits plan can result in employees with a greater degree of loyalty and commitment and an increase in the rate of employee retention. An investment in the well being and peace of mind of employees can support a more productive workplace.
Gathering all of the elements involved in a great employee benefits plan may seem daunting at times. BBG’s well-trained Benefits Consultants make navigating even the most detailed benefits package a straightforward journey—while remaining cost-effective and reducing any stress businesses may have. BBG’s Benefits Consultants assist businesses with all aspects of employee benefits.
Working with Business Benefit Group’s Benefits Consultants will help to take
the eliminate unwanted confusion from the benefits planning process. Our goal is for employees and employers to access the benefits consulting resources they require so they can remain competitive and successful in their markets.
Licensed, Qualified, and Experienced Consultants
For decades, the Business Benefits Group has been providing insight into the most effective benefits practices to companies. Our customers always feel confident in their choice of employee benefits, something our proven track of success and industry experience allows.