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Employee Benefits Plan Services


Compliance Services


Health Benefits


Dental Benefits


Voluntary Benefits


Disablilty/Life Benefits




Our clients rely upon the expertise of Ipswich Bay Advisors 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 in turn provide value 
    to the employees

 

Our clients, in accordance with HIPAA guidelines, consider Ipswich Bay Advisors 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 in-house human resources experts

  • Conducting comprehensive employee enrollment and educational meetings


HR and Benefits Compliance Services

HR Compliance auditing determines whether a process or transaction has or has not followed applicable rules. Our firm has the technical compliance skills to research issues effectively using authoritative materials, understand how to apply the knowledge gained to the circumstances being tested, and be able to simply explain to our clients what compliance means in day-today operations. Reaching a conclusion that an outcome complies or does not comply with a standard is not necessarily simple, especially in domains governed by complex Human Resources and Employee Benefits regulations. Clients can feel comfortable that our review will cover the following areas:

  • The Affordable Care Act (ACA)

  • The Health Insurance Portability and Accountability Act (HIPAA)

  • U.S. Dept. of Labor: Employee Retirement Income Security Act (ERISA)

  • U.S. Dept. of Labor/Internal Revenue Service

  • Consolidated Omnibus Reconciliation Act

  • Wrap documents, Section 125, Section 129, Section 132 Plans

  • Mental Health Parity Act

  • Michelle's Law

  • CHIP Reauthorization Act

  • GINA

  • HEART Act

  • HITECH Act

  • Local state required regulations

  • Human Resources regulations

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 Advisors 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 and compliance requirements. Because we specialize in employee benefits, our clients can remain focused with growing and managing their businesses.


Health Benefits

With skyrocketing insurance rates, the cost of providing medical insurance has become a number one concern for most companies. Ipswich Bay Advisors 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

  • 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 can benefit from competitive pricing and a broad array of financial options. For instance, 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) allow employees, as well as employers, to set aside pretax money for out-of-pocket costs with fewer restrictions.

Healthcare Reimbursement Arrangements (HRAs) are employer-funded reimbursement plans that can significantly reduce costs in appropriate situations. These are owned by the employer and not portable. Self-funded (or self-insured) health plans 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:

The eliminations of state premium taxes, which usually range form 2% to 3% of the monthly insurance premium

  • The elimination of insurance company risk and retention charges. Self-funding typically shows a large first-year savings through the lack of premium taxes, various insurance company charges, and first year claim lag

  • The elimination of insurance company risk and retention charges. Self-funding typically shows a large first-year savings through the lack of premium taxes, various insurance company charges, and first year claim lag

  • Control over the health plan reserves, enabling maximization of interest income. Self-funding offers cash flow advantages not found in fully insured arrangements. Employees only pay for the claims incurred during the contract year. The coverage is not pre-paid, thereby improving cash flow.

Learn more about how Direct Primary Care can save costs on employer health plans


Dental Benefits

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 Advisors offers a variety of comprehensive employee or employer paid dental plans at a range of cost points of coverage so employers can affordably offer this important coverage.


Voluntary Benefits

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 both employees and employers:

  • Increased offerings to employees at no additional premium expense to the company

  • Increased morale and better employee relations as more options for coverage are provided

  • The ability to complement your existing benefit package without making time consuming and costly changes.

According to Insurance Industry surveys:

  • Approximately 50% of all mortgage foreclosures in the USA are due to disability

  • Approximately 30% of all personal bankruptcies are due to disability

Both disability and life insurance can be offered as a group or individual employee benefit. Ipswich Bay Advisors offers the following plans:

  • Long and short disability insurance including a variety of customized plan designs

  • Individual disability insurance 

  • Group life

  • Individual life insurance

  • Split-dollar life insurance

  • Employee surveys to determine interest

Disability / Life Benefits

Disability insurance protects your income – making it one of the most important insurance protections to have. Disability and life insurance offer families additional protection and income against unexpected life events that can negatively impact financial security.