Each client has unique needs, but one thing is universal – objectives are best accomplished through a clearly defined plan. Although the process may vary by client, MJBA utilizes a three-step approach to clearly identify a plan for each client. These basic, conceptual steps form a cyclic array of services that proceed, to the needed level of complexity, in managing the plan(s). The three-step approach includes:
1
Analyze & Educate
- Analyze plan performance
- Educate all parties about the plan currently in place
- Identify objectives
Services in this step include (but are not limited to):
- Plan Analysis – Review existing benefit plan designs and utilization against industry norms and alternatives.
- Benchmarking – Compare existing benefits to other/similar employers.
- Risk Analysis – Determine appropriate thresholds of risk transfer.
- Cost Analysis – Compare existing costs to alternatives within the available marketplace.
- Funding Analysis – Provide alternatives and compare cash flow, degree of complexity, and risk.
- Compliance Analysis - Review existing plans for compliance and assist towards compliance with benefit related laws.
2
Design & Implement
- Identify solutions
- Offer viable plan modifications
- Assist with implementation of changes
Services in this step include (but are not limited to):
- Alternative Plan Analysis - Identify the impact of making changes to the current plan design.
- Contractual Review - Ensure completeness and accuracy of contracts.
- Plan Document/SPD Supervision - Ensure completeness and accuracy of the document.
- Employee Communication - Assist with materials and presentations to employees.
- Prevention/Solution – Prevent and resolve problems encountered throughout the process.
3
Manage & Monitor
- Effective management of a plan
- Analyze utilization
- Apply underwriting checks & balances
Services in this Step include (but are not limited to):
- Strategic Planning – Identify and match objectives to corporate goals/philosophy.
- Management Reporting - Prepare relevant data interpretation for review.
- Research - Provide access to future benefit studies conducted by various sources.
- Ongoing Support - Provide ongoing dedicated consulting and compliance related services as needed.