Employee Benefits: What We Do
When you want the best results, you seek out a specialist in that field, and that is why the agency's singular focus is in health and welfare; creating, implementing, and servicing well-built benefit programs. Most want to quote, but lack a clear plan. We deliver solutions, not spreadsheets.
Cost Containment Solutions
We face reality when it comes to what is truly important to our partner clients; actually controlling their health plan costs. If you have ever seen a fancy capabilities presentation that is followed by a spreadsheet, then you know how frustrating it is to be sold a bill of goods. Insurance problems cannot be solved with insurance products and yet most brokers simply quote the same market with identically bad results year over year.
Prosperity Benefits has curated a best-in-class list of vendors that control your costs so much that is possible to do. For example, 6 to 8% of your population spends 80% of your dollars. Is that segment being closely managed? Do unnecessary surgeries occur 30% of the time, as is the industry average? Are 30% of your staff’s cancer diagnoses and treatment plans inaccurate? That is the industry average…! Do your staff have a way to get primary care at no cost to them, or to source their prescriptions at $0? Do your staff know how to truly shop for healthcare, and are they rewarded for making those decisions.
You don’t need a big broker, or a small one, or a regional, or one who knows somebody; you need an effective and dedicated Consultant who has the courage and knowledge to effectively manage your claims risk!
Medical
Employers have been trained to be put into 'react' mode by brokers for decades. Does this cycle sound familiar? I. Broker brings in renewal increase. II. Scramble to find better rates. III. Last minute solution is found. IV. Repeat every year.
Unfortunately, this is not a very proactive approach and leaves absolutely no room for program improvements, integration of technology, or harnessing costs for the long haul.
We work with you to define your risks, manage them, enhance your programs, and control costs. Our approach takes your renewal from chaos to clarity. Simple.
Ancillary and Worksite
Of course, there are a multitude of carrier options for your company and each company has a different value proposition in the market. Dental, vision, life, and disability products can be nuanced, but many of them are very similar. It isn’t uncommon for Prosperity Benefits to produce flat dental renewals for years upon years without benefit alterations being made. Our carrier partners recognize the stability we provide for them via our clients and the results are financially meaningful for all.
Case Study
Prospective client had been with the same payroll company/insurance brokerage for over a decade. They were faced with a 23.28% renewal from their carrier. The broker was all out of options for them. Enter Prosperity Benefits.
We created a negative renewal, saving them $70,000 on premiums versus staying with the incumbent's suggestion (taking the increase). No network or pharmacy disruption.
18 months later, they received a check for $25,000 in unused claims dollars, meaning they saved $95,000 in this one move. Their total spend was $184,300 on medical premiums, so they saved 51% by switching to Prosperity Benefits, LLC!
Cloud-Based Benefits platform
Bring your own benefits administration system, or plug into ours. The agency solution offers your employees a comprehensive suite of solutions traditionally reserved for much larger companies. Your HR department will love having one place to manage all the various benefits, saving time and hassle. We make benefits programs simple.
Lifestyle Products
Teladoc
Your employees can call a Dr. when they have a minor illness or medical issue using this products, and pay $0 as a copay! Less missed work, more efficient care, and you benefit by not having this office visit claim hitting your books. Telemedicine is the way of the future.
Healthcare concierge
If a question about benefits, claims, or network arises, most employees are conditioned to contact HR or call a 1-800 carrier number. With Prosperity Benefits and Maxwell Health, the employees need only pull out their phone and ask their healthcare concierge the question instead. Your company saves time, and your employees receive expert-level advice.
Compliance
We reduce your compliance burden. Your annual required notices are saved as a template, ready to be customized to your organization for dissemination each year and to new hires. COBRA is an optional integrated service, freeing up your time for other tasks. We assist you with Form 5500 preparation and filing, as applicable. Maxwell Health houses your employee enrollment and plan information, meaning exporting your data to one of our vetted ACA reporting vendors couldn't be easier. Never fill out a 1095-C PDF again!