Employee Benefits Broker

An employee benefits broker is a licensed professional who specializes in designing, implementing, and managing comprehensive employee benefits programs. 

These programs encompass various insurance plans such as medical, dental, vision, disability, ancillary, and group life insurance policies.

Our benefit consultants collaborate closely with executive management and HR teams to develop tailored benefits strategies. We offer fully insured, level-funded, or self-funded plans that aim to reduce healthcare costs and enhance your company's ability to attract and retain top talent. 

We work, quote, and manage with the leading insurance carriers to offer a diverse range of employee benefits plans. 

Our network includes reputable providers such as CareFirst BlueCross, United Healthcare, Cigna, Aetna, Anthem, Kaiser Permanente, Unum, and more. 

We provide a comprehensive suite of employee benefits, including:

• Medical Insurance: Comprehensive health coverage plans.
• Dental and Vision Insurance: Plans to maintain oral and visual health.
• Short-Term and Long-Term Disability Insurance: Income protection in case of illness or injury.
• Group Life Insurance: Financial security for employees' beneficiaries.
• Ancillary Benefits: Additional offerings such as wellness programs and employee assistance programs.

Our services are available to clients in Virginia, Maryland, Washington, DC, and across all 50 states, ensuring that your employees have access to best in class benefits. 

A self-funded, or self-insured, benefits plan is a strategy where an employer assumes the financial responsibility for providing healthcare benefits to its employees. 

Instead of paying fixed premiums to an insurance carrier, the company pays for individual claims as they arise. 

To mitigate the risk of unexpectedly high claims, employers often purchase stop-loss insurance. This approach offers greater flexibility in plan design and can lead to significant cost savings. 

Opting for a self-funded benefits plan provides several key benefits:

• Cost Savings: Potential reduction in healthcare expenses by up to 20%, as employers avoid insurer profit margins and certain state taxes.
• Customization: Ability to tailor healthcare plans to meet the specific needs of your workforce.
• Transparency: Enhanced access to claims data, allowing for informed decisions on plan adjustments and wellness initiatives.
• Regulatory Flexibility: Exemption from certain state insurance regulations, as self-funded plans are primarily governed by federal law.

We leverage our benefits expertise to assist businesses in designing and managing self-funded plans that align directly with their financial and organizational goals.

We offer a comprehensive suite of services to facilitate the successful implementation and management of self-funded benefits plans, including:

• Plan Design: Crafting customized health plans that align with your company's objectives and employee needs.
• Stop-Loss Insurance Procurement: Assisting in selecting appropriate stop-loss coverage to protect against high claims.
• Claims Administration: Providing efficient processing and management of employee healthcare claims.
• Regulatory Compliance: Ensuring adherence to applicable federal regulations, such as ERISA and the ACA.
• Ongoing Consultation: Offering continuous support and strategic advice to optimize plan performance and cost-effectiveness.

Our goal is to empower your business to offer competitive and sustainable healthcare benefits while maintaining financial control.

A level-funded benefits plan combines elements of both fully insured and self-funded plans. In this arrangement, employers pay a fixed monthly amount that covers anticipated claims, administrative costs, and stop-loss insurance premiums. 

If the actual claims are lower than expected, the employer may receive a refund or credit; if higher, the stop-loss insurance covers the excess. 

This model provides cost predictability while offering potential savings and customization options. 

Level-funded plans offer several advantages:

• Predictable Costs: Fixed monthly payments simplify budgeting and financial planning.
• Potential Refunds: Opportunity to receive a portion of unused funds if claims are lower than anticipated.
• Customization: Flexibility to design a benefits package that aligns with employee preferences and organizational goals.
• Risk Mitigation: Stop-loss insurance provides protection against unexpectedly high claims, limiting financial exposure.

This approach is particularly beneficial for small to medium-sized businesses seeking a balance between cost control and plan flexibility.

Our team provides end-to-end support in establishing and managing level-funded benefits plans, ensuring a seamless process and optimal results. Services include:

• Assessment: Evaluating your company’s demographics, employee needs, financial objectives, and risk tolerance to determine if a level-funded plan is the right fit for your business.
• Plan Design: Customizing benefits packages that align with your workforce’s specific requirements while maintaining cost efficiency.
• Vendor Selection: Partnering with trusted insurance carriers to secure the most competitive rates and terms for your level-funded plan.
• Claims Analysis: Monitoring claims trends, identify cost drivers and opportunities for savings, ensuring the plan performs as expected.
• Risk Management: Implementing stop-loss coverage and other safeguards to protect your business from unexpected high-cost claims.
• Compliance Support: Ensuring adherence to federal and state regulations, including ACA requirements, while simplifying administrative processes.
• Reporting and Refunds: Providing regular reporting on claims data and ensuring that any surplus funds (if claims are lower than anticipated) are returned to your business as per plan terms.

By offering strategic planning and ongoing support, Glover Park Wealth works with businesses to maximize the financial predictability and savings potential of level-funded plans while delivering value to employees. 

Let us guide you through every step of the process to ensure your plan meets your organization’s goals.