Employee Benefits Consulting
We know that developing a long-term employee benefits management strategy is a priority for organizations. To remain customer intimate in today’s business environment requires an employer to meet the changing and diverse needs of its workforce to ensure retention of its key employees.
Benefits consulting can be a complicated task. As an employee benefits brokerage firm with over 20 years of experience, we understand the goal is to provide a stronger and more comprehensive offering for your employees, while making it easier for your HR Team and employees to be consumers of your health plans. Exude is ideally suited to help you achieve this goal. Our Benefits Consultants work differently than our competition – we use a holistic approach to precisely determine how best to support your organization’s goals and objectives, bring our expertise to bear, and together develop innovative solutions that result in the achievement of your mission. Simply put, we “think bigger” than just how best to consult and advise you on employee benefits plans. With Exude’s Employee Benefits Consulting, first we listen, then we customize. As your benefits broker, we take the time upfront to understand your goals, challenges, and culture before designing a custom multi-year employee benefits strategy that will attract and retain the talent you need. Our Benefits Management Consultants use Exude’s strategic framework to guide us through the entire process to ensure your health plan works for you and aligns with your people and business strategy.
Our Employee Benefit Consulting
At Exude, we believe your benefits strategy should be an extension of your overall organizational objectives. We’re not just a benefits brokerage firm, but a continuous partner to help guide you through the complicated maze of healthcare. Our innovative benefits consultants take a hands-on approach to benefits consulting, personalized customer service and the utilization of technology and healthcare analytics, we provide you with a multi-year strategic benefits strategy and design that will bring innovative approaches and ideas, reduce costs, minimize administrative burdens and support your business objectives.
EMPLOYEE BENEFITS CONSULTING & PLANNING
- Strategic Framework
- Voluntary Benefit Consulting
COST CONTROL STRATEGIES
- Plan Design Strategies
- Funding Strategies
- Contribution Strategies
- Direct Contracting, Disease Management, Stop Loss Coalition, Referenced Based Pricing
COMPLIANCE & AUDIT
Exude’s in-house certified compliance expert supports the research, education and adherence on compliance related requirements for our clients. Our compliance expert keeps our staff and our clients ahead of the curve with:
- Onboarding Auditing
- Legislative Alerts, Notifications and Guidance (reporting deadlines, minimum value and affordability testing, nondiscrimination testing, control group evaluations, ACA employee classification guides)
- COBRA Administration
- SPD and Wrap Documents
- 5500 and SAR prep
- ACA guidance
Items below are simply from a benefits perspective but from an HR perspective it also includes holidays, PTO, flexible schedules, remote work, leave policies, professional development, and other benefits.
- Plan design and coverage considerations (preventive care, testing, procedures, mental health, addiction and substance abuse)
- Enhanced programs and benefits (adoption benefits, fertility benefits)
- Administrative considerations
- Communication strategies
BENEFITS ADMINISTRATION & TECHNOLOGY
- Plan Management
- Implementation and Service
- Technology Portal & Decision Support Tools
- Enrollment Services
- Census & Eligibility Audits
Communities We Serve
A Word from Our Client
At Exude, one of our core values is to fight for what’s right. Check out how we put this to action through our client advocacy services and helped save an employee $20,000 on their medical bill.
Alternate Funding Solutions
Employers are looking for more creative ways to help mitigate cost as significant renewal increases are on the rise. We work with our clients to address the different funding mechanisms available in today’s market and are committed to building ongoing innovative solutions to impact their bottom line. Below are examples of some of the type of funding arrangements we have implemented and recommended for our clients. In fact when we take clients to alternative funding arrangement we save them an average of 21% on their premium in the first year.
Exude Solution Builder™ is an exclusive program that gives employers greater control, more options, and increased cost savings. With this program, middle market employers can leverage their collective purchasing power to drive down costs and spread risk in this partially self-funded program.
Learn more about Solution Builder™
SELF-FUNDED INSURANCE PLANS
A self-funded group health plan is one in which the employer eliminates obligations to a health plan provider by assuming the financial risk for providing health care benefits directly to its employees. In this arrangement the employer has the most control and greatest access to data. However, your organization needs to open to taking on more risk and have positive cash flow in order to pay for the claims as they come in. Read more about the Pros and Cons of Self-funding here. A few key questions to consider when thinking about self-funding or alternative funding:
- What are the organization’s goals? Immediate cost savings, turnkey administration, long term cost control?
- What is the strategy behind the approach being considered? Independence, cooperative purchasing power, risk sharing?
- What are the intricacies involved with the funding solution?
- Variability in monthly payments, protection for catastrophic claims, fiduciary responsibilities, applicable state mandates?
A Captive program is a Self-Funded plan with the protection of other similar or non-similar companies that buy-in to the Captive together. A captive is an independent insurance company created and owned by at least one non-insurance company that assumes the employee benefit risks. Participating in a Captive allows members to benefits from partially owning an insurance company. In this arrangement, plan designs are completely customizable and employers have freedom of choice for Network and Pharmacy Benefit Manager. There is a possibility that fixed costs may be more expensive. However, potential to receive 100% of surplus along with dividends is attractive. Employers might choose to form a captive as an alternative to traditional insurance in order to better control costs and manage the risks associated with providing employee benefits.
A consortium program is a Self-Funded plan with the protection of Stop Loss Purchasing power. Employers will have the protection to be rated along with hundreds of other companies under the same Stop Loss carrier and therefore receive Stop Loss discounted rates. This benefits program gives middle market employers (50-1000 employees) collective purchasing power that drives down costs and spreads risk, allowing them to design a long-term cost-effective benefits plan that’s self funded with limited risk. Exude’s clients have exclusive access through Exude’s Solution Builder program.
There is a rise in popularity in Level-funding plans within in the 51-99 market segment. Level-funded arrangements enable employers to benefit from the regular and predictable cost of a fully insured plan with the flexibility of a Self-insured plan and without the uncertainty of fluctuating claims costs. These plans are emerging as a great compromise between fully and self-insured plans as a way to minimize risk with cost predictability. Level-Funding provides all the same advantages of self-insurance, including greater flexibility than a fully insured plan, so employers can tailor plans to their specific health care needs. Unlike fully-insured plans within the 51-99 market segment, Level-Funded plans allow employers to gain reporting on claims utilization that otherwise is not provided by the carriers within this market segment.
REFERENCE BASED PRICING
Reference Based Pricing (RBP) is a cost containment strategy that allows employers to set a pricing cap on what they will pay for certain medical services. Compared to traditional funding arrangements, this model can result in total claims savings between 15-30% depending on your area. Employers are able to save significantly on claims because they are essentially telling the healthcare system that they will not pay more than what the Medicare price dictates for certain services. Learn more about Reference Based Pricing here.
Exude partners with professional employer organizations, or PEOs, to provide small and medium-sized companies with cost-effective, outsourced HR services that allow business owners and managers to focus their efforts on high-value activities to grow their business.
Did you know employee benefits impacts these other areas?
Diversity, Equity & Inclusion
Creating a culture of inclusion goes beyond training programs. A comprehensive D&I strategy helps employees thrive and show up authentically while also increasing employee engagement and retention. ‘
Your benefits management can drive employee well-being and overall organizational success. Ultimately creating a thriving workplace with healthier, happier, engaged, and higher performing employees.
Managing the employee experience is part art and part science. We take the best practices out there and work to apply what are the right set of solutions right now for where your organization is at.
Is your compensation strategy right for your business and employees? Designing and implementing an appropriate compensation strategy should be a part of your overall employee benefits strategy to help attract and retain the talent you need.
See How We’ve Helped Organizations Like Yours
Integrating Wellness with your Employee Benefits Strategy
Saved 20% on employee benefit costs in year one through innovative wellness strategies.
Case Study: Pathways to Housing
Learn more about what makes a partnership with Exude so unique!
HR Assessments to Improve Organizational Culture
A review of all HR processes and policies with an HR assessment to support the desired organizational culture.
Working Together For You
Your Employee Benefits strategy should fit your employer brand, align with your business goals and attract, retain and motivate your talent. Exude’s benefits consultants will formulate an intentional employee benefits strategy that encompasses all components of total rewards and is aligned with your needs and budget.