The success of your benefit plan depends on thorough planning. When planning even a seemingly simple benefit plan, there are practical and compliance issues that require consideration. Our benefit plan design experience can help you make informed decisions on such issues as alternative funding methods, plan effective date, eligibility criteria, cost sharing, expense management, changes in family status, benefit maximization and compliance requirements.
We do not believe in a one-size fits all approach. We offer a tailored approach to designing your plan that includes several steps:
Identify and help formulate goals and objectives
Financial Directions knows that every company has different objectives when it comes to their benefits. Benefits are an important tool for recruiting and retaining top talent. We also understand that cost is a critical component for all benefits. We will sit down with you and learn what your company wants to achieve and where you see the company going in the future. Areas that we will cover with you include:
We will gather all the necessary information to determine what the viable options are for your distinct needs. We have experience handling various situations including:
Evaluate your current plan
Once we have gathered all the necessary information about your company and its benefits, we begin the process of plan evaluation. We will conduct a thorough analysis of your current plans including:
We will evaluate your current plan against market and industry benchmarks. Upon request, we can provide benchmarks against selected competitors.
Once our analysis is completed, we will provide you with a documented presentation of the benchmarks that were used in our analysis, our observations about your current plan, and our recommendations for improvements.
If our recommendations for your plan include evaluating alternative carriers for your benefits, we proceed with the next step of our process.
Should competitive marketplace analysis be necessary, we will request proposals from a select list of carriers and vendors. Financial Directions has developed strong working relationships with many providers for the various benefits available to your company. We are an independent benefits consultant and have no affiliations with any particular carriers or vendors. This allows us to maintain our commitment to providing you with the best, unbiased options available.
In our request for proposal process, we
We evaluate each quote to identify the options that most closely align with your company’s needs. In addition to the actual benefits offered, we consider the following:
Once our analysis is complete, we will present our findings and recommendations for the program that best matches your objectives. Our presentation includes supportive documentation with comprehensive reports summarizing:
In addition, we also create an executive summary that can be used for executive presentations to gain approval for implementation. We have a strong track record for presenting at the executive level so that your firm’s leaders understand the issues and choices they face in the benefits area.
We pride ourselves in providing comprehensive jargon free information so that our clients can make the right decisions for their company.
Once a plan design decision is made, Financial Directions transitions into the Implementation process.
Employee Benefit Consulting Services