Benefits

The rising cost of medical insurance and other benefits is a significant concern for most employers.  Most benefits' brokers, including Summit Risk Management, represent all of the benefit providers.  The insurance providers offer the same pricing from one insurance broker to another.  As all brokers represent the same insurance providers, we recommend taking the time to go through a broker selection process first; then allow the broker you selected to approach the various insurance providers for the best coverage and value for your company.

Brokers will often sell employers on the idea that they can provide the below listed services.  When interviewing brokers, discuss with them exactly how will they assist with and implement the below listed services.  As employers dig deeper in the broker selection and interview process, they are better able to determine exactly what services the broker is willing and capable of providing.

Suggested items to review when making the broker selection

- Multiple insurance company options
- Creative plan design to reduce costs (HDHP, HRA, HSA, etc.)
- Open enrollment meetings
- Online services
- Cafeteria plan administration (no cost)
- Assistance with Section 125 compliance
- COBRA administration through a third party administrator 
- Assistance with COBRA and State Continuation compliance
- Assistance with HIPAA compliance (distributing proper HIPAA forms with sign off by the employees)
- Assistance with ERISA compliance (developing the proper wrap document)
- 24 Hour coverage for owners / officers and how it relates to workers' compensation coverage
- Insurance protection for employers in the event the employer makes a mistake on the employee benefits
- Assistance in answering employees questions throughout the plan year