Employee Benefits
After payroll, employee benefits are the costliest programs for employers. We lower the cost of benefits programs with an approach that leads to healthier, happier employees.
The
Problem:
Managing employee benefits can be a complex and overwhelming task. You’re juggling rising costs, increasing administrative burdens, and the need to attract and retain top talent in a competitive market. It’s a challenge to find the right balance between providing a comprehensive benefits package and managing your company’s bottom line.
The
Solution:
Our Cavignac TotalBENEFITS Process simplifies employee benefits and helps you achieve your organizational goals. We start by understanding your needs and partnering with your team to develop a customized strategy. Our process includes a systematic review of your existing program, identifies cost reduction opportunities, and provides ongoing support to ensure you’re getting the most value from your benefits investment. We help you control costs, reduce administrative burdens, and become an employer of choice.
Using the Cavignac TotalBENEFITS Process our knowledgeable team of professionals will develop a scalable strategy tailored to your organization's initiatives to help move your business forward and obtain the best results for you and your employees.
Below is a partial list of some of the products and services we provide:
Medical Insurance
Dental Insurance
Life Insurance
Disability Insurance
Long Term Care
Voluntary & Enhanced Benefits
Flexible Spending Accounts
Health Savings Accounts (HSA)
COBRA Administration
Benchmarking Analysis
Wellness Programs
Executive Benefits
Online Enrollment Platforms
Employee Benefits Advocate
Claims & Billing Support
Employee Education & Engagement
Healthcare Reform Compliance
HR Audits
HR Consulting & Training
Monthly HR Updates
Medicare
Payroll Consultation
PEO Analysis
401(k) Plans
Buy/Sell Agreements
SPD, Form 5500 Preparation
Regular Federal & State Legislative Updates
In an ever-changing and complex healthcare landscape let us help you bring control to the chaos and create a meaningful employee benefits program. We are confident we can help you retain your key people and attract the talent necessary to fuel your growth and future success.
Alternative Risk Financing
We offer a range of alternative risk financing solutions including captives, large deductible plans and retro plans. Guaranteed Cost insurance products are the most common type of products for small to mid-size businesses. These policies are defined by smaller “maintenance” deductibles, dedicated limits, and defined premiums. As businesses scale, additional insurance products become available. We call these Alternative Risk Financing options. Some include, retrospective rating programs, high deductible programs and Alternative Risk and Captives. These types of products can be known as “Performance-Based” Insurance products.
There are a variety of Performance-Based products. Some of those products are listed below:
Primarily written on worker’s compensation policies, retro plans rate and charge premium based on actual losses incurred during the policy period. In contrast, guaranteed cost plans make rating adjustments on future policies based on previous year’s results. Retro plans generally start with a standard premium (based on estimated losses), this premium is adjusted by actual results from the policy period. If experience is worse than expected, the insured will be charged an additional premium. If better than expected, they will receive a return premium. Retro plans can be complicated, but offer significant premium savings based on loss performance.
Whereas retro plans and guaranteed cost plans start off with premiums generated by expected losses, loss adjustment expenses and other loss costs, large deductible plans are a great option for companies looking to manage cashflow and maximize premium savings. The insured is responsible for all claims up to the defined deductible amount (oftentimes between $100,000 – $500,000 per claim). The insured has the control and flexibility to manage and negotiate claims up to their deductible amount. Once the deductible amount has been reached, the insurance company takes responsibility and starts to pay for losses. Large deductible plans are a great option for companies looking to manage cashflow and maximize premium savings through sound risk management practices.
There are a variety of captive products on the market. Single parent captives, group captives, micro captives, among others. For your traditional lines (Worker’s Compensation, General Liability and Auto), most mid-large size companies should consider one of these arrangements. Group Captives are the most popular for mid-market companies and they offer those companies the ability to capture underwriting profits. Simply put, entering a group captive is akin to owning an insurance company. There are certain sunk costs that go towards administration (roughly 40% of premium), the remaining amount is used to pay claims. There are several factors to consider when evaluating group captives. This model is proven and is very popular with middle market companies.