Benefits Consulting

Our role in benefits consulting has changed with the adaption of health care reform. As an advisor, our responsibility is no longer primarily limited to evaluating and recommending carriers, plan options, and funding strategies. In today’s market, our role begins with ensuring our clients understand the impact of health care reform and formulating a benefits strategy that is in line with reform, organizational culture, and financial objectives.

Health Care Reform

As the Affordable Care Act (ACA) continues to unfold and evolve, employers are turning to My Benefit Advisor for guidance on interpreting the legislation and understanding the impact to their business.

Our Benefits Counsel actively monitors pending legislation and interprets regulations to help ensure our staff and clients are aware, educated, and prepared to make informed decisions.

Our Advisors take the leadership role in helping employers understand their business options around health care reform relative to compliance, employee satisfaction, and financial risk management. With multi-year cost containment in mind, we will recommend a course of action that addresses the organization’s short and long term objectives with the appropriate benefits strategy.

With the impact of ACA, employers need to consider:
  • Affordable coverage
  • Cost sharing subsidy
  • Defined contributions
  • Employer penalty
  • Full-time employee status
  • Government reporting
  • Minimum essential coverage
  • Notification requirements
  • Premium tax credit
  • Public and private exchanges
  • Risk management
  • W-2 safe harbor, and more

Complete Financial Analysis

Diligent review of existing benefits program; inclusive of short and long term budgetary requirements, minimum standards, and consideration of employee satisfaction.

Carrier and Plan Alternatives

All applicable insurance carriers are considered in every product market, ensuring a thorough analysis of all options available and strategies considered.

Alternative Funding Strategies

Education and advice on alternative funding strategies: minimum premium, fully insured, health savings account, health reimbursement account, or self-funding.

Third Party Administrator Options

Review of third party administrator options, including: health savings accounts, health reimbursement arrangements, flexible spending accounts, section 125, dependant care accounts, and transit.

Ancillary and Voluntary Benefits

Best practices on how to incorporate employer sponsored and/or voluntary benefits to strengthen employee morale, loyalty, and productivity.

Wellness Programs

Provide guidance on selecting a vendor to implement a wellness strategy with incentives to positively impact employee health, productivity, and health care expense.