A press release from The Wilshire Group, an insurance affiliate of CheckPoint HR, LLC, says the firm has launched its new Wilshire BENeLERT Process that “â€¦uses a 180-day proven practice to help clients identify the best rates and plans for their insurance needs.”
According to the press release, the life cycle of the Wilshire BENeLERT Process begins with the development of long term strategic planning and monitoring related to the management of the client’s premiums. The Wilshire Group team evaluates various data points that identify performance gaps in the plan and offer solutions that address those areas. The next step includes preparation of bid specifications (census, plan details, claims history, carrier history, waiting period and contribution formula). Next, the broker reviews all proposals and prepares a marketing report that includes appropriate exhibits, supporting documentation and an analysis of plans/product choices.
Within 90 days of renewal, the carrier, contribution formula and plan is chosen. Open enrollment begins 60 days out and includes employee communications and technology uploads (including COBRA participants). At the 30 day mark, the carrier provides receipt that all information has been submitted and is being processed. Two weeks prior to renewal, all employees receive ID cards.
“Small to medium business owners are appalled and frightened by the rising costs of healthcare. To further amplify this situation, brokers have fallen into a status quo role of ‘showing up’ 60-90 days prior to the renewal to discuss plan and carrier options. Our new Wilshire BENeLERT Process drastically changes how SMBs view their second largest expense — healthcare,” said Tim Padva, president and co-founder of The Wilshire Group and CheckPoint HR. “By working with our clients 180 days prior to their renewal date, we are able to fully analyze data and research the most innovative benefits program tailored to fit their financial needs as well delivering a comprehensive plan for their employees.”
The Wilshire Group claims to be one of the largest insurance agencies in the Northeast with nearly $250 million in premiums under management. The Wilshire Group offers a broad range of group insurance solutions, including health, life, workers’ compensation, as well as 401K and pension plans. For more information, visitwww.theWilshireGroup.comor call 800.385.0331.