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The benefit reference document is a single source document detailing key information about each of the benefit coverage provided. The report highlights important facts about each type of benefit coverage inclusive of:
Throughout the second quarter we focus on government compliance and assist in preparation of required reporting as directed by ERISA. We gather Schedule A information from carriers for preparation of the Form 5500. We also assist in the drafting of summary annual reports and review of summary plan descriptions for distribution to all eligible employees. In addition, we prepare a compliance calendar showing the due dates of such documents. Of course, the actual filing will require review by your tax or legal counsel as we do not practice law.
We assist in reviewing your objectives to be certain the benefit plans established at the beginning of the year are indeed meeting those objectives on an on-going basis. Reviewing the objectives combined with a mid-year financial analysis report provides for a basis for future considerations. These considerations would include: alternative benefits to offer, redesigning programs, re-establishing objectives, and other alternatives that merit consideration if applicable. Provide claims analysis and reports.
During the fourth quarter we focus on the renewal process. This process includes reevaluating the service requirements of all other insurance providers. The current carriers’ renewal will be analyzed and negotiated to provide for the most favorable contract terms for our clients. Budget projections and methods by which to evaluate service requirements will be established.
We will assist you in developing a program to communicate the major components of the benefit programs and identify any changes for the new plan year to employees. This would include coordinating employee meetings if deemed applicable.
All insurance contracts and applications will be reviewed for accuracy prior to implementation.
Once submitted, all applications will be tracked until the case is completed and installed.
Throughout the year, Kim Stanley Insurance, Inc. will act as liaison between the insurance providers and you, the employer. We will continue to meet with you to monitor and review the progress of the benefit programs on an on-going basis. We also provide access to resources as they relate to day-to-day issues revolving around such items as: