JFP Benefit Management provides access to virtually all medical insurance markets. Based on your specific needs, we can put together a competitive medical benefit program that is essential for attracting and retaining quality employees.
Competitive employee benefits packages are essential for attracting and retaining quality employees, but continuing to offer them can be tough with the rising cost of health care squeezing an already tight budget. Cutting benefits may seem like a necessary reality for some companies, but could have serious long-term consequences. Retaining employees throughout these rocky economic times is vital so that your company remains competitive and positioned favorably in its industry when the economy rebounds. One remedy could be implementing a strategic benefit plan, which will help you find ways to contain or even cut costs while still offering competitive benefits.
What is a strategic benefit plan?
A strategic benefit plan is a three-to-five-year plan crafted by you and your JFP Benefit Management Inc. representative that outlines goals, strategies and action plans in regards to your employee benefits program. In creating the plan, you and your broker will strategically analyze ways to contain costs through various plan improvements. This approach is a methodical and logical long-term approach to benefit planning, as opposed to making decisions year to year, and will provide a thought-out road map for your future benefits.
What are the benefits of implementing one?
At the company level, creating a strategic benefit plan will help greatly with internal budget planning and can also be incorporated into your corporate strategic plan. This will bring HR and employee benefits into larger strategic conversations and ensure that a competitive benefits package continues to be available. Employees will also see the benefit from a strategic benefit plan in many ways. First of all, by finding ways to cut and contain costs for the company, the employee will likely reap some of the savings as well. In addition, this type of plan will provide assurance for employees worried about their benefits. Next to job security, employees worry most about their benefits and compensation, namely that they could be reduced or cut at any time. Studies have shown that workplace morale is strongly linked to the quality of employee benefits, so reassuring employees that their benefits will continue is a beneficial move for companies. The strategic benefits plan can include an employee communication initiative, which will keep employees informed and assured on the future status of their benefits package.
Our greatest advantage as a TPA is flexibility and personalized service. Every TPA administered plan is custom designed for your needs and specific workforce. And, we as a TPA, process all “self-insured” plans in-house!
There are countless rules and regulations governing employee benefit plans. Our experienced team will help ensure that you are meeting your compliance obligations. We stay up-to-date, and will inform you of any laws or regulations that may affect your employee benefit program.
Our compliance consulting services include:
- Health Care Reform
- HIPPA/HIPAA Privacy and Security
- Medicare Part D
- Qualified Medical Child Support Orders
- Women’s Health and Cancer Rights (WHCRA)
- Medicare Secondary Payer Reporting (MSP)
- CMS – Creditable Coverage Disclosure Filings
- Summary Plan Descriptions (SPD)
- Summary of Material Modifications (SMM)
- Summary Benefits & Coverage (SBC)
- Summary Annual Report
- 5500 Filings
We also provide our clients with exclusive “Legislative Brief” publications that summarize recent federal legislative developments in insurance and employee benefits. These informative documents are researched and written in an easy-to-read manner by experienced benefits attorneys.
Working with JFP Benefit Management, Inc. offers you several advantages over the typical “Agent”. We possess the information and expertise that allow us to negotiate comprehensive competitive benefits programs and we know where and how to find answers to your insurance, employee benefits and questions pertaining to human resources.
JFP Benefit Management, Inc. becomes an extension of your Human Resources Department (working for you) offering the following ADMINISTRATIVE services:
- Single Point of Contact for all Benefit Administration (Medical, Dental, Vision, Life, Cobra, Flex, etc)
- Membership/Eligibility Administration & Processing for all plans
- Customized Website with Online Enrollment
- Online Client Portal
- Single Customized & Consolidated Enrollment Form for all benefits
- Complete Renewal Support (All Review & Quoting Functions)
- Legislative Subject Matter Expertise (PPACA, COBRA/HIPAA, etc.)
- In house COBRA/HIPAA Administration
- In house HRA Administration
- In house Section 125/Flexible Spending Account Administration
- In house Claim Processing & Payment Adjudication
- Direct Deposit Capability
- Benefit Explanations
- Claim Resolution Resource
- Consolidated Billing regardless of Carriers
- Consolidated Billing regardless of Carriers
- Carrier Intervention (Online Access)
- Carrier Payment Remittance
- Plan Document, SPD & SBC Preparation
- Customized Communication Material
- Enrollment Meeting Support (Material & Personnel)
- Benefit Statements
- Monthly Reviews
- And, much more depending on your specific needs.
Clients and employees access our team of specialists and the resources they provide through a single point of contact, A LIVE VOICE ANSWERING THE TELEPHONE. There is NO VOICE MAIL at JFP Benefit Management, Inc. We realize how important that first contact is and we make certain that when you call, someone is actually listening and understanding the reason for your call. This makes working with our firm seamless and easy. JFP becomes an extension of your Human Resources Department and offers the following customer services:
- Single Point of Contact for all Employee, Member, Dependent inquiries (Medical, Dental, Vision, Life, Cobra, Flex, Coordination of Benefits, etc.)
- Assistance with Membership/Eligibility Questions
- Benefit Clarification and Explanation
- Claim Questions & Resolution
- Unsurpassed Turn-Around-Time
- Open Enrollment Support
- Medicare Information & Support
- Marketplace Enrollment & Support
JFP Benefit Management continues to do business providing “good old fashioned service”. Our word is our commitment and our handshake is our promise.
If you’re nearing retirement age, or are over 65 and still working, you may have questions about Medicare. Read on for the information you need to know.
What is Medicare?
Medicare is health insurance for people who are age 65 or older, under 65 with certain disabilities, or any age with End-stage Renal Disease (permanent kidney failure).There are four types of Medicare. Medicare Part A
helps cover inpatient care in hospitals, skilled nursing facilities, and hospice and home health care. Generally there is no monthly premium if you qualify and paid Medicare taxes while working.
Medicare Part B
helps cover medical services like doctors’ services, outpatient care and other medically necessary services that Part A doesn’t cover. You need to enroll in Medicare Part B and pay a monthly premium determined by your income, along with a deductible. Many people also purchase a supplemental insurance policy, such as a Medigap plan, to handle any Part A and B coverage gaps.
Medicare Advantage Plans
also known as Medicare Part C, are combination plans managed by private insurance companies approved by Medicare. They typically are a combination of Part A, Part B and sometimes Part D coverage, but must cover medically necessary services. These plans have discretion to assign their own copays, deductibles and coinsurance.
Medicare Part D
is prescription drug coverage and is available to everyone with Medicare. It is a separate plan provided by private Medicare-approved companies, and you must pay a monthly premium.
Medicare sends you a questionnaire about three months before you’re entitled to Medicare coverage. Your answers to these questions, including whether you have group health insurance through an employer or family member, help Medicare set up your file and make sure your claims are paid correctly. If your health insurance or coverage changes at any time after submitting the questionnaire, call the Medicare Coordination of Benefits Contractor at 800-999-1118 to update your file. Once you start Medicare, you should schedule a free preventive visit within the first 12 months to assess your current health status and provide a health roadmap for the future. Also, create an account on Medicare.gov to access your information and keep track of claims. If you want your family or friends to be able to call Medicare on your behalf, fill out an Authorization Form to allow them to do so.
Coordination of Coverage
If you have Medicare and another type of insurance, the question of who should pay or who should pay first can be tricky. For example, generally a group health plan would pay before Medicare, but there are several exceptions. Contact the number above for specific answers for your situation, or visit www.medicare.gov for additional information.