Our Approach
Employee Benefit and Consulting Brokerage
We create a structured process which begins with a thorough audit of all plans, contracts, and costs. We develop a complete understanding of client culture and goals and use this knowledge to work with you to create a multi-year strategy for success in your health & welfare plan management.
BSP collaborates with internal and external experts to provide a complete range of health & welfare plan consulting and brokerage services.
Health and Welfare Plan Management
We deliver customized, client-specific annual service plans and attend regular meetings, providing on-site support. Effective day-to-day collaboration with all internal and external stakeholders (Finance, HR, employees/plan participants) helps BSP provide successful solutions. BSP also offers skilled, expert negotiation on costs and service offerings from insurance company partners. Our standard, proprietary, and customized reporting allow clients to fully understand and manage benefit plan utilization and cost.
Health Promotion and Wellness Programs
BSP designs and implements customized wellness plan solutions. Securing management buy-in and providing leadership on the drive for wellness, our team will ensure effective population health management. BSP manages the entire program, including negotiation of provider contributions, reporting, communication and staffing of the events. We report, analyze and follow up on the progress of programs tailored to your population.
Comprehensive Solutions for HR and Benefits Compliance
BSP provides you with a customized Compliance Calendar, allowing us to monitor and prepare for all deadlines well in advance. We offer Form 5500 Schedule A data collection and signature-ready preparation. Our partners are plugged into the latest changes and the newest tools. BSP offers training, seminars and on-site events like "Lunch & Learns" to make sure our knowledge reaches all of the right people in your organization.
Case Studies
Higher Education: Reduce Employer & Employee Costs while Enhancing Offerings to Employees
The Challenges: -Very budget conscious and needed to reduce costs without reducing benefits.
-Limited plan offerings to employees.
- Renewal dates didn’t align with fiscal year
-Inconsistent communication of plans and costs with cumbersome paper-based open enrollment processes.
Action Steps: Marketed all plans to determine benefit levels and premiums were competitive; Changed renewal dates to align with fiscal year; Provided industry-specific bench-marking to identify where plans could be modified and where gaps in coverage existed.
Results: Kept medical premiums flat (with no benefit changes); Reduced TPA administrative fees by 61%; Reduced dental costs by 8.3% and increased benefit levels; Reduced Life/LTD costs by 21% while improving coverage; Obtained true Open Enrollment for voluntary plans so employees could re-evaluate needs and obtain proper income protection; Introduced new employee-paid benefits that were elected by over 50% of the population; Transitioned Open Enrollment to a no-cost on-line benefits administration system to enhance communication and ease administrative burden on Human Resources.
Cannabis Industry: Create New Employee Benefits Program
The Challenge: -Client wanted to offer cost-effective plans to attract and retain employees.
-Employees were aging off of parents’ plans
-Consistent communication between multiple locations
Action Steps: Implemented high and low cost medical plans; Introduced dental plan; Provided customized Employee Benefits Guide.
Results: Multiple medical plans gave employees choice; Introduced benefits via Online Benefits Administration platform so benefits and costs would be consistently communicated to all locations; Provided Employee Benefits Guide so prospective employees easily understand the benefits offered (which separated the client from its competitors).
(Growing) Biotech: Balance Health & Wealth To Compete with Major Biotech Competitors
The Challenge: -Company felt that their benefits weren’t competitive with larger area biotech companies which was hindering recruitment & retention
-Plans were outdated for rapidly growing company
-Retirement plan didn’t match what employees wanted or what was in the industry
-Lack of communication of plans and costs resulting in confusion with employees
The Solution: Lower the LTD Max, and use some of the savings to pay for individual disability for the impacted employees.
Action Steps: Marketed all plans to determine benefit levels and premiums were competitive; Provided industry-specific bench-marking to identify where plans could be modified and where gaps in coverage existed; Re-positioned HSA contributions with 401(k) contributions.
Results: Offered a choice of medical plans with contributions skewed to lower cost plan so employer didn’t take on additional cost; Reduced dental costs with same carrier (via negotiation); Changed vision provider to reduce employee costs; Redirected employer HSA contributions as 401(k) match; Allow employees to make maximum HSA contributions; Employees and Employer dramatically reduced tax liability while creating greater long-term Health & Wealth strategy while keeping client within budget.