5 Step Approach
Discovery & Design
Communication
Enrollment
Service
Monitoring
DISCOVERY AND DESIGN
The Basis for Plan Fundamentals
Understanding your company's history, direction and goals is vital to designing a successful benefits strategy. A BeneFlex plan is customized to your firm's specific requirements and goals. It is important to us that every benefit program be perfectly suited to our client's needs. With this in mind, a careful analysis is performed to understand and address the following topics:
- Plan design: Investigating the detail, strengths and weaknesses of the current benefit plan.
- Workplace demographics: We obtain an in-depth understanding of employee objectives and competency as they relate to the plan.
- Financial: We gain an awareness of each employer's intentions as it relates to their benefit objectives and corresponding cost relationships.
- Strategic long-range analysis: Provides insight into future growth and aspirations to assist in a plan design that avoids obsolescence.
Through this thorough discovery process, a BeneFlex analyst compiles valuable information enabling him/her to present an appropriate benefits strategy that includes plan t
enets that accomplish current and long term employer objectives.
COMMUNICATIONS
Key to a Successful Benefit Plan
Flexible Spending Plans offer a magnificent opportunity for an employer to generate employee enthusiasm. In order to take full advantage of this opportunity, a comprehensive communications program is critical.
At BeneFlex, we know that the proper introduction of a Flexible Spending Plan is a positive event. To capitalize on this interest and to further successful participation we offer a complete Communications Program.
Our Communications Program will accomplish the following:
- Alert employees that the company has updated its benefits package to more closely meet the individual needs of all employees. This will include a letter or, email announcing the implementation of the plan
- Provide a comprehensive explanation to employees that target the concepts and advantages of Flexible Spending Plans.
- Provide each employee with a communications kit (on paper, web or both) featuring:
- An introduction to Flexible Spending and the company's specific plan.
-
A customized Summary Plan Description detailing benefit choices and how the plan works.
All communications are designed and written according to the specifications of the case and prominently display the employer's name throughout.
ENROLLMENT
Judgment of a Vital Process
Enrollment is where the diligence in our Approach, Discovery and Communications programs pays off. BeneFlex planning and system capabilities make enrollment, an otherwise daunting process, straightforward and manageable. All processes are available on paper, web or a combination of both. Here's how it works:
- Upon receipt of basic employee data from our client, we build the necessary employer-specific enrollment database.
- We conduct customized employee meetings designed to explain the new plan, its specific benefits and the enrollment process.
- Each employee receives a customized enrollment form with easy-to-understand and comprehensive instructions.
- We review each enrollment form submitted to assure completeness and accuracy.
- When the enrol
lment period and process is completed, we provide each company with a comprehensive set of management reports detailing election results and...
- ...each employee receives a detailed notice confirming their benefit elections and associated costs.
We share the mutual goal with our clients of wanting the enrollment process to function smoothly. Our firm is flexible enabling us to accommodate a company's special enrollment needs or circumstances. Communication materials can be customized and transmitted digitally. Further, forms and communications are available via the web.
SERVICE and MONITORING
Keeping the Program Running Efficiently
- Each BeneFlex client is paired with a qualified Relationship Manager to answer employer and employee questions, explain helpful technology tools and ensure plan compliance. The flexibility and sophistication of our administrative system greatly enhances the management of our clients' Flexible Spending Plan. Our administrative services include:
- Interfacing with existing Payroll and Human Resources systems.
- Preparation of a Flexible Spending Plan document and adoption agreement
- Preparation of a Summary Plan description.
- Ongoing
employee database maintenance.
- Interactive voice response and web-based system for employee enrollment, claim and reimbursement information.
- Relationship Managers ensure accurate and comprehensive management of plans including:
- Review and processing of claims for medical reimbursement and dependent care accounts.
- Issuance of reimbursement checks or direct deposit with a detailed description of the claims reimbursed and account balances
- Detailed Flexible Spending Plan activity reports
- Administration of trust account (optional)
- Performance of all tests necessary to keep plan in compliance with IRS guidelines
- Preparation of all year-end reports including IRS Form 5500.
- Preparation of annual renewal package.
