Health and Welfare Plans
A cutting-edge comprehensive health and welfare program that attracts and retains employees in a cost-effective and compliant manner is essential for business success. Touchstone can provide you with the following services to assist you in achieving that goal:
Design:
- Marketing of coverage and comparison of vendor proposals
- Actuarial valuation of health and welfare plan design changes
- Plan design benchmarking
- Employee benefit surveys
- Wellness plan design, marketing, and implementation
- Comparison of insured vs. non-insured with state/federally required benefits
Finance:
- Short and long-term budget estimates
- Calculation of COBRA rates
- Calculation of employee contributions consistent with your company goals including benchmarking to comparator companies
- Periodic claims analyses that show the trend in company claims cost on an aggregate and individual basis
- Annual renewal negotiations with each of the carriers
- Medicare D subsidy assistance including Annual Medicare D Actuarial Attestations
- Onsite vendor claims audits
- Development of customized financial software that stores financial information and uses an historical database to produce reports
- Return-on-Investment calculations for wellness programs
- Assistance with effective cost-cutting changes, when appropriate
Administration:
- Support of day-to-day administration issues and questions
- Liaison between you and your vendors
- Assistance with federal and state compliance issues
- Assistance with the myriad of federal and state filing requirements including Form 5500s and credible coverage notices
- Ongoing compliance updates
- Annual enrollment meetings
- Periodic planning meetings
- Nondiscrimination testing
- Perform training sessions including HIPAA security training
Communication:
- Summary Plan Descriptions (SPD), Plan Documents and side-by-side design comparisons
- Other relevant employee communications
- Educational seminars
- Benefits manuals
- Employee benefit statements