Our professional Benefit Specialists know how to leverage the most value for your business and your employees from the benefits program you establish.

Five Areas of Focus
There are five areas of focus in Selectpath's group benefits consulting services. Click on any one of the areas for more detail:

• Benchmarking, Reviews & Analysis: ongoing consulting that monitors and improves plan efficiencies.
• Flexible Plans & Alternative Funding Strategies: methods for distributing responsibility between employer and employees.
• Cost Sharing & Claims Reduction Strategies: methods to reduce inefficiencies and abuse of benefits.
• Investment Strategies: consulting for executives, tax management, group investment.
• Employee Education & Awareness: communication materials, individual service and seminars.

Advantages of Selectpath Consulting
Selectpath's professional consulting services give your many business advantages, including:

• Design a plan that attracts and retains talented individuals.
• Control costs of your benefit programs.
• Manage your risks related to benefit administration and ensure legislative integration and compliance.
• Monitor and improve yearly performance of benefits and investment programs.
• Provide strategic tax-planning that optimizes deductions for both employer and employee.
• Establish buy-sell funding, executive carve-outs, and tailored tax relief plans for key personnel.
• Improve employee communication materials and levels of employee awareness and satisfaction.

Benchmarking, Reviews & Analysis:

A financial audit of your benefits program will identify its strengths and deficiencies to improve its performance.

Selectpath offers several methods of review and analysis to give you a complete picture of your plan's performance:

• Benchmark spending and waste to predict future costs based on past performance.
• Comparison of your plan with companies of similar size and industry.
• Review contract(s) and compare marketplace for best value from insurance companies.
• Identify program deficiencies and provide options for addressing them.
• Identify best practices and performance standards.
• Conduct cost-benefit analysis and portfolio performance analysis.
• Recommend strategies for diversification of risks.
• Recommend adjustments in response to market or industry changes and trends.
• Monitor effectiveness of changes.
• Establish measurable goals to improve quality of coverage, cut costs and increase efficiencies.
• Provide assistance with governance requirements and ensure legislative compliance.
• Actuarial services. BACK TO TOP

Flexible Plans & Alternative Funding Strategies:

The one-size-fits-all approach is no longer your best strategy in face of escalating benefit costs, lifestyle changes and issues and the increasing diversity of the work-force. You need to offer your employees more control and choice.

Your benefit specialist will analyze your current plan costs and design, determine an appropriate solution, and develop a rollout strategy with an appropriate timetable to implement our recommendations. We will also suggest funding strategies based on your risk-tolerance and plan size and help you simplify your plan's administration. BACK TO TOP

Advantages of Flexible Benefits (Flex) Plan
Selectpath can devise a flexible benefits (flex) plan suited to your needs. Some of the advantages include:

• Accurately predict and control company health spending for the year.
• Allocate health spending to where it is most required and useful to individual employees.
• Give employees more choice and control over their plan.
• Broaden the definition of “dependents” (for example, an employee's elderly parents might qualify).
• Make employees active participants in their plan through premium sharing and user awareness.
• Optimize tax strategies for both the company and the employee.

Types of Flex Plans
Flex plans can be as simple as offering an optional Life program, to a modular flex plan (offering different coverage levels), or as complicated as a Cafeteria-style plan (where the employees select all levels of coverage).

Alternative Funding Strategies
Because rates are set for the upcoming policy year based on projected claims, very often small companies pay too much up front and the insurance company keeps what's left.

Through financial analysis of your plan performance, Selectpath will recommend an appropriate funding strategy for your consideration. Options are based on risk-tolerance and plan size. Retention, Administrative Services Only (ASO), or self-insuring through a Health & Welfare Trust will be discussed to maximize the benefit dollars you allocate to your program. BACK TO TOP

Cost Sharing & Claims Reduction Strategies:

There are a number of “win-win” solutions that can help you reduce the costs of claims without jeopardizing the satisfaction of your employees.

Often, small business employers find it difficult to offer a competitive benefits package. But it can also be difficult to know where to cut spending, even for larger corporations. Selectpath will identify areas that are not needed and/or not valued by your employees. We can then recommend your best options for sharing the responsibility and costs of insurance with them.

There are several strategies for reducing the cost to the employer of claims made throughout the year: Deductibles, Coinsurance, Contributory Plan, Coordination of Benefits (COB), Dispensing Fees, Generic Substitution, Drug Formulary, Reference Based Pricing, Plan Restrictions/Exclusions, Internal Maximums, Frequency Limitations, Fee Schedules, Capitation/Preferred Provider Organizations, Disability Management, Attendance Management Program. BACK TO TOP

Investment Strategies:

Investment and retirement issues are top-of-mind with today's employees. Proactive employers are finding creative solutions that combine traditional benefits with investment and retirement planning.

Selectpath consolidates benefits and financial consulting services under one roof. By combining areas of specialization, we can help you and your employees build wealth while managing your risks.

Selectpath offers:

• Financial consulting on Group Retirement and Investment plans.
• Tax management strategies for owners, executives and key personnel that integrate benefits with investment portfolios.
• Strategies for small business employers to offer financial incentives without expending additional cash.
• One-to-one personal financial planning for you and your employees.

For more information on personal financial planning, visit TRP for Families . BACK TO TOP

Employee Education & Awareness:

To attract and retain employees, not only do you have to offer a good benefits package, you have to make certain employees understand its worth and value.

Selectpath can help you improve the overall quality of your benefits program by improving the effectiveness of your employee communication:

• Assemble and help distribute employee information packages.
• Provide employees with regular benefit statements.
• Conduct in-house employee seminars, including personal financial planning.
• Ensure employees understand benefits including all terms and conditions, and exclusions.
• Manage a smooth transition when program strategies change.
• Identify program strengths and areas to promote to employees.
• Encourage employees to take an active role in monitoring cost of claims and usage efficiencies.
• Expand self-service through e-commerce and website resources to help reduce costs of administration. BACK TO TOP