Client
Problem
Rockford Construction’s employee benefits programs needed to be streamlined, updated, and enhanced in multiple areas to attract and retain outstanding talent.
Solution
BHS developed an in-depth plan that resulted in significant savings for Rockford Construction, with better plan designs and contribution amounts for their employees, resulting in overall increased confidence in benefits compliance for the whole organization.
SUMMARY
Rockford Construction’s HR team has always had an outstanding commitment to offering its employees the best possible benefits and coverages, but wanted to take it to the next level.
Rockford Construction specifically wanted to improve its employee benefits programs, health insurance plans, benefits enrollment process, compliance processes, and non medical coverages. Additionally, they wanted to seamlessly adjust their plan renewal date.
BHS utilized their expertise in HR support and followed their strategic benefits roadmap to streamline Rockford Construction’s benefits plans and processes, saving them time and money while empowering them to provide their employees with the exceptional benefits they deserve.
THE PROCESS/REVIEWING PRACTICES
BHS conducted several internal strategy meetings to review and audit Rockford Construction’s employee benefits programs, in order to create a strategic benefits roadmap.
THIS LONG-TERM COLLABORATIVE APPROACH HELPS:
- Set goals
- Implement education and communication programs
- Ongoing core fund monitoring
- Review claims experience
- Research new programs in the marketplace
- Update compliance processes and more
TO HELP ROCKFORD CONSTRUCTION GIVE ITS EMPLOYEES THE BENEFITS THEY DESERVED, BHS DID THE FOLLOWING:
- Changed Rockford Construction’s health insurance carriers
- Enhanced employee cost and employer Health Savings Account (HSA) contributions to increase participation in the High Deductible Health Plan (HDHP) HSA program
- Facilitated the move to an integrated HSA and Flexible Spending Account administrator
- Switched Rockford Construction to Employee Navigator’s software for benefits administration and enrollment with integration to their payroll vendor, at no cost to them
- Managed Rockford Construction’s 5500 filing/reporting and Annual Participant Notices for no additional cost
- Enhanced all non-medical coverages
- Handled negotiations with all carriers to change Rockford Construction’s renewal date
THE RESULTS
- 100,000+ in savings from switching health insurance carriers
- 30% increased participation in the HDHP HSA plan (from 20% to 50%)
- Streamlined their HR workflow by moving to integrated HSA and FSA administrators, along with switching to Employee Navigator for no additional cost
- Freed up HR resources by managing 5500 filing/reporting and handling Annual Participant Notices
- Consolidated carriers for Dental, Vision, Basic Life AD&D, Voluntary Life, STD, and LTD insurance policies, creating significant savings for Rockford Construction and enhancing its employees’ non-medical coverages
- Provided a smooth transition for employees while switching their renewal date to June 1st
BHS’S PROCESS PROVIDES CLIENTS WITH LONG-TERM, COLLABORATIVE SOLUTIONS FOR HR SUPPORT TO GIVE THEM PEACE OF MIND.
Employee benefit programs can be overwhelming for businesses. There’s a lot of moving parts that each requires careful attention to detail, while still keeping the bigger picture in mind. This can cause business owners to feel like they aren’t providing the best possible coverage for their employees, constantly balancing trying to find new solutions with managing their current efforts.
This is where BHS comes in. BHS’s long-term collaborative effort allows clients like Rockford Construction to be actively involved in the HR support process. By reviewing Rockford Construction’s existing practices and keeping an open line of communication with them, BHS was able to operate as an extension of its team.