BPS is an acronym for Benefits Planning Strategies and is one of the best kept secrets in America. BPS involves a planning team that works with companies of 150 or more employees. Through their innovative and highly customized and personalized service, our benefits professionals, in business for over 33 years, will implement an extremely effective approach to designing EE benefits which will result in their client companies typically saving between 10% and 30% on their health insurance and supplemental coverage costs!
So how do our professionals do this? It begins with a customized, proprietary system developed by two partners who have been large group health insurance brokers for over 33 years, and involves analyzing the current health insurance coverage a company has and then going out directly to re-insurers (those companies who insure insurance companies and set pricing) to negotiate each element of a company’s desired coverages. Commensurate with this, the BPS team “leases” a provider network as well.
This is an “unbundling” of the coverages that are normally packaged by the household name insurance companies that almost everyone is familiar with. The BPS team goes above and beyond what a typical broker or large group health brokerage does. Rather than sell stand-alone, pre-packaged plans, The BPS team customizes a company’s coverage. Instead of selling a pre-packaged plan (whether an off-the-shelf or ‘bundled,’ partially self-insured plan) offered by an insurance company through a broker/agent network, the BPS team does something very rare in the industry. They negotiate each element of a company’s insurance coverage directly with a re-insurer. This strategy lends itself beautifully to a self-funded approach because everything is customized. Stop-losses and other protections are also built in and the savings that result from this kind of planning are significant.
The BPS team will do a full analysis and provide a quote which will save an employer between 10% and 30% over their current plan, a significant savings in today’s high cost health insurance environment. Essentially, the BPS team looks to re-position the profit normally taken by the insurance companies, back to the client’s company. Between the premium savings and the chance to receive back funds that were not used for claims, the BPS approach is simply too compelling not to seriously consider. The BPS team simply asks to be tested. They welcome the test because they can do exactly what they say they can do.
If you are a company owner or HR person, or you know of a company with 150 or more EEs, you need to know about BPS. Please review the files and video below, which will provide some additional explanatory information.
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BPS Presentation Video