CFA has the resources, experience and creative talent to produce the best business solutions for our clients. Equipped with a staff of benefit specialists and modern day technology, we can effectively evaluate vendor products, plan designs, claims data and service applications to deliver the best benefits solutions to our clients. We have relationships with an extensive list of carriers and these relationships allow creative opportunities to resolve the needs of our clients. We gather data, prepare requests for proposals from carriers, negotiate rates and provide detailed plan and price comparisons for our clients We leverage our knowledge and relationships with carriers. Our results are proven with the delivery of the best possible outcomes for our clients.
CFA’s process of providing plan recommendations begins with a team effort. We work closely with our clients, to understand their needs and budget concerns. Providing case studies from other clients across the region and applying our knowledge of activities in the industry, we create effective outcomes that are always appreciated by our clients.
The plan design changes start with an understanding of cost drivers and evaluation of necessary plan design changes that reform employee behaviors. Avoiding costly mistakes, exploring carve outs, employee incentive plans, evaluating alternatives for retirement healthcare, and understanding your contribution strategy are all areas that could produce cost savings.
CFA has a solid reputation for integrity and service. Our market analysis is considered very thorough and fair to all vendor participants. We do an outstanding job of looking at all the components, preparing various exhibits, and negotiating the best possible terms on your behalf. In the process, we become a trusted benefits advisor that has developed a mutually beneficial partnership with our clients. CFA has been helping employers communicate benefit concepts and solutions for 31 years.
Contribution Strategies and Bench Marking DataOur benchmarking data provides a standard to which our clients can compare benefit programs. We will make recommendations to help clients enhance their plan while at the same time maintain competitive pricing and reduce overall plan costs. We use several resources to analyze medical, pharmacy, and dental claims and the performance of the plan overall.
Valuable benefit trend statistics and surveys are one of the core pieces of information that we provide to help support benefit plan design strategies and decisions.
These surveys and statistics offer benchmark data from leading consulting organizations around the country and cover the following topics:
CFA is very involved at each client’s benefit renewal. We will gather necessary information before the renewal rates are released so that we can have a plan of action in place immediately after receiving the current carrier’s renewal. We have often been involved in speaking with underwriters regarding certain claims that typically increase rates. By doing this, we find we give very comprehensive data to the underwriting team in order to provide solutions to claims costs. In shopping insurance vendors we are very thorough in providing you with network information in order to provide a “fit” for your employees. Sometimes timeframes are dictated by the current carrier, however, we feel we are very proficient in being prepared ahead of time so that when the current carrier’s renewal information arrives we can help you make decisions and move forward. When any client chooses CFA as their broker we immediately begin the process of evaluation. We outline each carrier response and prioritize the services they are willing to deliver. We will use our influence and leverage with insurance carriers to encourage them to make every effort to meet the market demands. Once insurance quotes are received we take great care in providing an understandable spreadsheet that serves as a side-by-side comparison. When our analysis is complete, we will meet with you in person and discuss all proposals and give our expert opinion on what is being presented. This entire process has all the flavors of developing a strategy for each client over time that can be both short and long term in nature. That strategy, of course, can be reviewed periodically so that we can see what needs adjusting or enhancing. Our experience and insight regarding effective current employee benefit trends make us particularly strong in developing a workable benefit strategy for our clients.
Contract comparison and periodic reviewsOur overall client management strategies begin with a thorough understanding of the past, present and future objectives of our clients existing benefits offering. We plan typically for onsite reviews each plan year as follows:
CFA has managed medical benefits programs for hundreds of employer groups in an effort to keep costs below comparable levels experienced by other employers. Our aggressive management technique includes benchmarking to keep plans competitive and strong vendor relationships to promote productive negotiations. Using claims data from your carrier, we can tell you where to adjust your plan design. Detailed claims analysis, benchmarking, and creative packaging all work together to save Client money.
As the healthcare industry continues to change, CFA has remained ahead of the game. With leading-edge technology, we are able to obtain meaningful information that helps us evaluate cost drivers, trends, and savings opportunities associated with our clients’ medical benefits. In addition, we work to evaluate the impact of various plan management initiatives and to forecast the impact of future plan changes. This information provides guidance for clients and gives information needed to determine what type of consumer driven plan needs to be placed within a client group.
Multi-year StrategiesCFA provides employer groups with tools that will provide consistent year-to-year data, reporting formats, and comparative benchmarks. This highly meaningful yet understandable information enables us to work together with your data in a continuous, interactive manner as plan management issues arise.
We track medical and Rx claims month to date and year to date (for our self-funded clients) and compare the performance of the plan to previous years regardless of the vendors utilized. We explore many possibilities for reducing cost and risk including but not limited to:
PPO networks will be evaluated on service, access and discounts. With agreement from the networks we will compare the cost of provider services and hospital charges for services that are typically found. The information on fees is available from the networks provided and strict confidentiality agreements that are in place. Access to the network is determined by identifying the zip codes of the participants in the plan compared to those of the providers in the network. Service is evaluated from the feedback of the network’s clients and the third party administrators.
Funding SolutionsCFA provides funding solutions for your insurance programs. The experts at CFA help you determine if or a combination of funding types are needed. Funding arrangements of premiums and claims may vary from one organization to the next. The number of employees, comfort with assuming risk liability for employees, current plan in place, and direction of the company/client themselves are all factored into the development of a funding solution. Health Reimbursement Arrangements and Health Savings Accounts are also other types of funding methods employers often choose to explore. Below is a complete listing of funding options.
CFA offers the solution! Payroll can be a struggle for many employers. Small and Large employers alike experience payroll mistakes that can lead to situations of employer liability, discrimination and lawsuits. The continuous challenge of legislative changes will leave any employer overwhelmed and in jeopardy. Our partnering payroll vendor combines leading edge technology with old fashioned, personalized, responsive customer service. This added personal touch helps business owners' focus on their business. By streamlining non-income producing tasks, our clients are able to be more productive and profitable. Our partnering vendor provides a comprehensive suite of Payroll, HR Time Clock, and Benefit Services that can be scaled to any combination to fit your current and future needs using leading internet tools and logical, practical management.
These payroll services provide one access point for employer data entry for employees to establish them in the payroll system and enroll for benefits. Hard copies of forms can be completed at the employer’s request.
Payroll is set up in a way that best accommodates each employer. We offer the flexibility and options that meet your needs. Our services include:
CFA provides access to competitive Workers Compensation Plans. The payment of these premiums can be escrowed through our payroll vendor and therefore allow for more convenient payment options.
Back to top >>Carolina First Associates provides a technology tool that gives you a competitive edge in Human Resource Advice, introducing a whole new way of working and managing. Our Client Portal is an internet-based Client Center that delivers branded, time-saving tools, and resources that build convenience into everyday work tasks. The CFA Client Portal includes timely news, legislative and educational pieces for you and your employees, in addition to a connection to over 325,000 Human Resource peers in your industry for any questions. The Portal also provides a wealth of Human Resource information in ready-to-print format and all at your fingertips. This information can be accessed by the HR and printed to share with employees.
The CFA Client Portal has several featured tabs that have drop down boxes for locating particular materials of interest. Such tabs include:
This tool provides your Human Resource Department with a company intranet! It allows one access point for HR departments to enter data and the information is sent to various vendors including insurance companies and payroll vendors. This allows HR departments to view the data once and eliminate the need to re-enter an employees’ information repeatedly. Client Connect also allows employees to access the site and view their benefits, enter elections at open enrollment, or get information from the site relative to benefits, time off, employee rules and regulations, etc.
The CFA Client Connect tool offers you access the most powerful HR communication system available, featuring more ways for clients to educate and empower their employees. It is an easy-to-use employee Web site that serves as a custom company information and employee benefits expert. For employees, it provides 24-hour access to company and benefits information from any computer with Internet access. For employers and human resources personnel, it increases productivity and cost savings by providing employee self-service and improving employee communication efforts. CFA Client Connect helps employers manage company and benefit plan information in one secure and convenient location that employees can view from any computer with Internet access. The group's employees will appreciate the site’s easy navigation and interactive features, and the group’s HR personnel will appreciate that they have more time to devote to strategic issues. Additional modules such as Online Enrollment, Vacation/Sick-Day Tracking, Employee Message Board, Employee Directory, Health Newsletters and several others are included at no additional cost.
Every Client is assigned a CFA Account Servicing Agent and a CFA Customer Relations Agent. The Account Servicing Agent works closely with our clients to ensure client satisfaction. Their tasks include the determination of a client’s needs, development of solutions, assistance with employee communication, enrollments, and ongoing administrative assistance. Account Servicing Agents are able to come onsite as often as needed to make sure your needs are being met. Your Customer Relations Agent is available to work with clients on a day to day basis regarding administrative needs. Our Representatives are available from 8:30 am - 5:00 pm daily for assistance with benefit questions, new enrollments, change in enrollment elections, terminations, billing inquiries, and claim resolutions.
Back to top >>Section 125 Administration - also known as a cafeteria plan. It is a type of employee benefit plan offered pursuant to Section 125 of the Internal Revenue Code. Section 125 plans are implemented primarily for the tax savings advantages for the employer and employee. Both parties save on taxes and therefore increase their spendable income. Employees' pretax contributions are not subject to federal, state, or social security taxes. Employers save on the employer portion of FICA, FUTA, and workers' compensation insurance premiums. A cafeteria plan may permit an employee to revoke an election during a period of coverage and to make a new election only in limited circumstances, such as a change in status event. A change in status event includes changes in the number of an employee's dependents.
FSA’s are one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer. It allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings. One significant disadvantage to using an FSA is that funds not used by the end of the plan year are lost to the employer. FSA’s are commonly offered with more traditional health plans (example PPO or POS). The reimbursement can be obtained by completion of an “unreimbursed medical reimbursement claim form” or use of a FSA debit card, also known as a Flexcard that can be used at the time of allowable expense
Flexible spending accounts and cafeteria plans help reduce the overall cost to the employees for their benefits. Now with the reliability of debit cards, FSAs have become a competitive advantage in attracting and retaining employees. A complete vendor comparison will be performed and comprehensive discussion conducted as to whether Client is ready to move in that direction.
Back to top >>Wellness benefits refer to the education and activities that are implemented at the workplace to promote healthy lifestyles to employees and their families. Examples of wellness programming include such things as health education classes, subsidized use of fitness facilities, internal policies that promote healthy behavior, and any other activity, policy or environmental change that affects the health of employees. At CFA, we can design a simple or complex wellness program. Many programs require a minimal investment of time and money. More substantial programs often use more resources, but the many benefits that result from supporting and encouraging employee health and wellness outweigh the costs. Wellness programs can positively impact a company’s bottom line by helping control healthcare costs, increase employee productivity and increase employee morale. The outcome – a healthier and happier employee and more productive workplace.
We can build and customize a wellness program specific to your employee’s needs. With the evaluation of healthcare data, we will implement and deliver the tools needed to get a successful wellness program off the ground. Our services include:
CFA’s experienced staff is prepared to educate employees regarding new benefit offerings, plan benefit changes and health care reform. We prepare and organize all of the educational materials and can provide audio-visual aids such as power point presentations if needed. CFA will provide the documents necessary to successfully prepare your employees for the upcoming year and help them understand the impact of any new legislative changes or changes in benefit plan designs.
Back to top >>This tool provides your Human Resource Department with a company intranet. It allows one access point for HR departments to enter data and the information is sent to various vendors including insurance companies and payroll vendors. This allows HR departments to view the data once and eliminate the need to reenter an employees’ information repeatedly. Client Connect also allows employees to access the site and view their benefits, enter elections at open enrollment, or get information from the site relative to benefits, time off, employee rules and regulations, etc.
The CFA Client Connect tool offers you access the most powerful HR communication system available, featuring more ways for clients to educate and empower their employees. It is an easy-to-use employee Web site that serves as a custom company information and employee benefits expert. For employees, it provides 24-hour access to company and benefits information from any computer with Internet access. For employers and human resources personnel, it increases productivity and cost savings by providing employee self-service and improving employee communication efforts. CFA Client Connect helps employers manage company and benefit plan information in one secure and convenient location that employees can view from any computer with Internet access. The group's employees will appreciate the site’s easy navigation and interactive features, and the group’s HR personnel will appreciate that they have more time to devote to strategic issues. Additional modules such as Online Enrollment, Vacation/Sick-Day Tracking, Employee Message Board, Employee Directory, Health Newsletters and several others are included at no additional cost.
CFA helps our clients stay in compliance with our easy-to-read Legislative Briefs and guides. Your CFA account team will help you meet your compliance obligations because we stay up-to-date on laws and regulations that affect your employee benefit program. From the convenience of your unique Web-based Client Portal, these tools allow you to access and share valuable resources. We have articles designed to summarize recent federal legislative developments in insurance and employee benefits.
Back to top >>CFA offers retirement plans as part of our complete offering. These products, combined with other benefits, help compliment a total benefits package for the employees of your company.
Back to top >>CFA has a department specifically created to accommodate the needs of small employers ( < 10 employees ) and individual buyers. This highly specialized department is very familiar with the needs of small employers and individual consumers this market segment and provides clients with assistance they need. This Department handles the needs of small employers and individuals alike. The SBC offers both group an individual medical plans, Medicare Supplement, Medicare Part D, individual dental plans, and Inclusive Health plans.
If you need information about any of our services, please feel free to use our contact form, send us an e-mail to info@cfagroup.com, or give us a call at (800) 324-8965 or (828) 324-2000.
