Employee Benefit Audit
Employee Benefit Plans are frequently one of the fastest growing expenses for business owners.Most small to medium size companies do not employ a HR manager or accountant who understands the options or flexibility of these plans.
Many business owners we see have never been shown how to eliminate the Insurance Company and run parts of their own plan. This one step usually eliminates an immediate 15% of costs.
The majority of our new clients have never been shown how to obtain Wholesale Insurance on the portion of benefits that remain with the Insurance Company.
A large number of clients do not understand or have never been shown what their “Anticipated Claims Ratio” is or what their actual claims experience has been and how it affects them. This knowledge will empower the employer to make decisions on pricing, plan design and executive carve outs.
For the most part employers have NOT had the ability to meet with a Pricing Underwriter on their benefits platform design. This discussion will allow employers to:
- To design a plan which avoids a number of the reasons that cause price increase in future.
- Specifically reward owners and senior management without the tax consequences.
- Create a design that rewards tenure and attracts New Employees.
- Build a platform for benefits that will be better than competitors in your industry.
