Employee Benefits Plan Services Compliance ServicesHealth BenefitsDental BenefitsVoluntary BenefitsDisablilty/Life BenefitsOur 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 organizationAnalysis of program costs, funding, and financial alternatives to design, evaluate and implement managed health care and other insurance benefit programsThe use of comparative benchmarks to negotiate insurance renewals and closely manage the cost impact to our clientsA 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 issuesEnrollment and new hire administration processingSetup and maintenance of an employee benefits communication websiteComplex employee relations and other human resources issues, with in-house human resources expertsConducting comprehensive employee enrollment and educational meetingsHR and Benefits Compliance ServicesHR 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 ServiceConsolidated Omnibus Reconciliation ActWrap documents, Section 125, Section 129, Section 132 PlansMental Health Parity ActMichelle's LawCHIP Reauthorization ActGINAHEART ActHITECH ActLocal state required regulationsHuman Resources regulationsThe 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 BenefitsWith 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 PPOsHigh-deductible plans with FSA's, HSA's and HRA'sSection 125 and Premium Conversion PlansSelf-funded & partially self-funded health & dental plansBecause 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 premiumThe 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 lagThe 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 lagControl 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 plansDental BenefitsMaintaining 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 BenefitsIn 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 insuranceAccident/sickness insuranceDisability income coverageCancer/critical illness insuranceDental, vision & supplemental medicalThese plans offer the following to both employees and employers:Increased offerings to employees at no additional premium expense to the companyIncreased morale and better employee relations as more options for coverage are providedThe 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 disabilityApproximately 30% of all personal bankruptcies are due to disabilityBoth 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 designsIndividual disability insurance Group lifeIndividual life insuranceSplit-dollar life insuranceEmployee surveys to determine interestDisability / Life BenefitsDisability 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.