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Maddock & Associates Employee Benefits Methodology
Maddock & Associates pulls all of the pieces of your employee benefits together to offer a complete, smooth running, employee benefit package. Following is an explanation of the Maddock & Associates employee benefits methodology including an overview of our value added services.
Needs Analysis
Before we do anything, we work with you, the employer, to take a look at what has
happened in the previous years and what changes, if any, should be made to the
employee benefits package. During the needs analysis, we look at the following issues:
- Are the employees happy with their benefits?
- Has anything changed in the company or to your industry to warrant a change in
the benefits?
- What level of benefits is needed to attract employees in your industry?
- How is your company doing financially?
- Is there a need to modify the benefits to meet an individual employee's
catastrophic needs?
Market Analysis
Based on what we have learned about your needs, and any changes that have occurred in
your industry. We utilize our expertise in the employee benefits industry to put
together an RFP to obtain quotes for plans that will meet your needs.
As part of our market analysis we:
- Look at ways to fine tune your existing plan to reduce costs and ensure you get
the most for your benefit dollar
- Obtain quotes from all applicable fully funded insurance companies and appropriate
insurance associations
- Look at partially self-funded and fully self-funded arrangements to ensure that you
are getting the best for your money and that your fixed costs are in-line with the
industry average
- Evaluate alternative benefit funding strategies and tax saving vehicles for your
employees including: Health Savings Accounts (HSA), Health Reimbursement Arrangements
(HRA), and Flexible Spending Accounts (FSA / Cafeteria Plan)
- Get quotes and proposals for all employee benefit products and services that are
applicable and of value to your company
- Present all of your employee benefit options in a clear and concise manner, focusing
on what is important to you
Plan Set-Up and Employee Enrollment
Once you decide on the insurance companies you would like to work with, we will work
with you and the insurance companies to customize the plans so that they meet your
specific needs. We will tie all of your employee benefits together and present them
to your employees as a simple, complete package. As part of the enrollment, we:
- Create benefit summaries for all of your employees that briefly and simply explain
the benefits
- Set up a custom website at www.yourmedicalbenefits.com for groups of 20 employees
or more. The website ties all of the different employee benefits together, so that
the employees and their dependants have
24-hour access to all employee benefit information, forms, provider directories, FAQ's, and links to provider websites.
- Perform group and/or one-on-one employee benefit meetings to explain the benefits,
answer questions about the plans, and enroll employees.
On-Going Benefits Support
Once your plan is set-up and your employees are enrolled, our service continues.
Throughout the year we are here to help insure that your plan runs as smoothly as
possible. Following are ways we will help you manage your benefits:
- We will handle your employees benefit questions, claims issues, and enrollment
questions. We will give your employees our 800 number and take care of their benefit
needs.
- We will take care of all your Cobra duties for free though some insurance trusts or
for a small $20 fee per termination. Alternatively, we can give you software, at no
charge, that will: give you all the documentation to easily pass a Cobra Audit, calculate
cobra rates, and remind you to print and mail Cobra election notices before critical
deadlines.
- As new employees come onto the plan, we will be there to explain their benefits
and assist them with the enrollment process
- Continually monitor and communicate claims data for self-funded and experience
rated groups
On-Going Benefits Analysis
At Maddock & Associates, we will analyze the market and present new plan types to
you on an on-going basis. When necessary, we will work with you and the insurance
companies to make plan modifications to keep your employees happy and insure that your
benefits are in line with the organizational objectives and the demands of the labor market
place. As changes are made, we will put together new plan summaries and have meetings to
help communicate the changes to your employees. As always, the website,
www.yourmedicalbenefits.com, will be updated with the most
current information for all of your employees to view, no matter where they are.
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E-mail us for more information and a free quote or CALL TOLL FREE
1-800-875-4490 (in the U.S.)
or 1-253-854-0199 (outside the U.S.)
Fax: 1-253-896-9411
Mailing address: Maddock & Associates, 1407 Willow Road E, Suite C, Tacoma, WA 98424
Serving all of Washington at 800-875-4490, Seattle at 206-682-1628,
Bellevue at 425-454-6834, Kent at 253-854-0199 and Tacoma at 253-572-3291.
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