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Our clients rely upon the expertise of Ipswich Bay Financial Resources to provide the following:
- Management of corporate benefit objectives and cost control through strategic planning with the Human Resources and Financial Team of the organization;
- Analysis of program costs, funding, and financial alternatives to design, evaluate and implement managed health care and other insurance benefit programs;
- The use of comparative benchmarks to negotiate insurance renewals and closely manage the cost impact to our clients;
- A thorough review of group insurance contracts, plan documents, certificates, and booklets to ensure that the benefits offered match what is being administered and provide value to the employees.
Our clients, in accordance with HIPAA guidelines, consider Ipswich Bay Financial Resources an extension of their human resources department to assist with:
- Support in resolving carrier claims, administrative and billing issues;
- Enrollment and new hire administration processing;
- Setup and maintenance of an employee benefits communication website;
- Complex employee relations and other human resources issues, with an in-house human resources expert;
- Conducting comprehensive employee enrollment and educational meetings.
The multitude of compliance requirements an employer faces today has increased over the years impacting the area of employee benefits and human resources. Ipswich Bay Financial Resources has the expertise to monitor pending legislation and provide guidance to our clients with the various regulatory issues to ensure you remain in compliance. The compensation for a brokerage arrangement is often included in the carrier premium rates. Using a qualified and independent brokerage firm will help to reduce the cost of benefits administration. Because we specialize in employee benefits, our clients can remain focused with growing and managing their businesses.
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| Health Benefits |
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With skyrocketing insurance rates, the cost of providing medical insurance has become a number one concern for most companies.
Ipswich Bay Financial Resources offers innovative strategies and products to develop strategic, customized, comprehensive benefits programs that are priced competitively.
These include:
- Traditional HMOs and PPOs
- High-deductible plans with FSA’s, HSA’s and HRA’s attached
- Section 125 and Premium Conversion Plans
- Self-funded & partially self-funded health & dental plans
Because we partner with well-established, high-quality vendors, to deliver specialized products and services, clients are guaranteed to benefit from competitive pricing and a broad array of financial options.
Flex Spending Accounts (FSAs) reduce costs by allowing employees to set aside their own money on a pretax basis for out-of-pocket costs, with restrictions.
Healthcare Saving Accounts (HSAs) also allow employees, as well as employers, to set aside pretax money for out-of-pocket costs, with fewer restrictions.
Healthcare Reimbursement Arrangements (HRAs) is an employer funded reimbursement plans that can significantly reduce costs in appropriate situations. This plan is owned by the employer and not portable.
Self-funded plans are self-funded (or self-insured) health plans which allow the employer to assume some or all of the risk for providing health care benefits to their employees. Employee assets are controlled and invested for maximum gain by the employer as fiduciary. This eliminates insurance charges.
The advantages of self-funding include:
- State premium taxes, which usually range form 2% to 3% of the monthly insurance premium are eliminated;
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- The employer doesn’t pay insurance company risk charges and retention charges. Self-funding will show a large first-year savings through the lack of premium taxes, various insurance company charges, and first year claim lag.
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- Control over the health plan reserves, enabling maximization of interest income. Self-funding offers cash flow advantages not found in fully insured arrangements. Also, an employer only pays for the claims he incurs during the contract year. The coverage is not pre-paid, thereby again, improving cash flow.
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| Dental Insurance |
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Maintaining good oral health, as well as correcting dental problems, is essential to a healthy lifestyle. However, a growing number of employees are finding themselves without effective dental coverage to treat and maintain their dental health needs. This is due in part to businesses increasingly cutting back on dental benefits for their employees. Ipswich Bay Financial offers a variety of comprehensive employee or employer paid dental plans. Contact us to fund out more.
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| Voluntary Benefits |
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In today’s diverse workforce, voluntary insurance allows employees to purchase additional insurances through their employer via payroll deduction at a reduced group rate. It allows for extra coverage and security while eliminating the employers need to fund and manage optional or increased coverage.
Voluntary Benefit plans include:
- Supplemental life insurance
- Accident/sickness insurance
- Disability income coverage
- Cancer/critical illness insurance
- Dental, vision & supplemental medical
These plans offer the following to employees:
- Increased offerings at no additional premium expense to the company
- Increased morale and employee relations due to providing more options than most companies present.
- Complement your existing benefit packages without making major changes that can be time consuming and costly.
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| Disability / Life Insurance |
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- 50% of all mortgage foreclosures in the USA are due to disability
- 30% of all personal bankruptcies are due to disability
Both disability and life can be offered as a group or individual employee benefit. Ipswich Bay Financial Resources offers the following plans:
- Long and short disability insurance-a variety of customized plan designs
- Individual disability insurance
- Group life
- Individual life insurance
- Split-dollar life insurance
- Employee surveys to determine interest
Disability insurance protects your income – making it one of the most important insurance protections to have.
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