Why do I need to provide Voluntary Benefits, if I have a good health plan?

Voluntary Benefits (employee paid) have become increasingly popular, over the last several years, due to the ever-increasing out-of-pocket medical and non-medical expenses that continue to rise for the employees and their families. Due to increased co-pays and deductibles, as well as increased living expenses, employees are demanding programs that provide cash benefits to help fill coverage gaps, provide income protection and subsidize ongoing living expenses.

Voluntary benefits (employee paid) are a win/win solution.  Employees choose to participate in a cost competitive plan that meets their personal and financial needs.  Employers get to improve benefit plan value, without incurring additional premium expenses.

2.

I don't really understand "Self-Funding".  What is it?  Why do I need to consider it?

For many employers, self-funding can offer reduced claim costs and the flexibility to implement custom cost containment programs.  A well-managed self-funded plans has three basic components.

• Risk-Most employers will need to place a cap on risk, in a self-funded plan.  That is done by add "Stop-Loss" insurance.
• Administration-Claims are the largest risk factor/cost expenditure in a self-funded plan.  The administration and claims processing functions require more than just writing checks.  Our claims administrators provide "Best in Class" service.
• Cost Containment/Managed Care-The most effective cost savings are achieved by identifying and managing claims risks and health care utilization.

Select Choice will address each component, with the intent of developing and implementing a cost-saving strategy.  We work with Stop-Loss carriers and TPAs that have a commitment to service and leading edge technology, to manage utilization and maximize potential savings.

In addition to competitive pricing, we use tools to provide fraud and abuse prevention, repricing optimization and predictive plan modeling...all with the intent of creating even more cost-savings.

3.

How do I know if I am subject to COBRA?

Employers with 20 or more employees are subject to Federal COBRA laws.  COBRA affords terminated employees the opportunity to continue coverage, under the group health insurance program, at their cost. 

4.

If Select Choice were to handle my COBRA administration, what services would be provided?

Compliance can be a daunting task and holds substantial liability for the employer.  Through the Select Choice "partner services", our clients are able to receive full COBRA administration, at no additional cost.  The services provided, would be:

• Transfer of legal liability, from the employer
• Processing of COBRA elections
• Verification of eligibility
• Notice of qualifying events
• Rate and benefit changes
• Required forms
• Record keeping
• Billing and collections