Health and welfare administration
Health and welfare administration is entering a period of fundamental change driven by health care reform. New health plans and plan designs will need to be administered and communicated, At the same time, new technologies, bringing new capabilities via apps and chat technologies, will be introduced to the market. While many organizations view this as an opportunity, the changes can be complex and, at times, overwhelming. Buck can help.
Co-sourcing and outsourcing solutions: Buck can help with both co-sourcing and outsourcing in health and welfare, defined benefit, and defined contribution administration. Our solutions are flexible in design and can accommodate a wide range of employee populations and plan designs.
Multi-account administration: BenefitWallet™, A Xerox Solution, is a next-generation product for employers, health administrators, and consumers to manage multiple health accounts on one integrated platform. BenefitWallet supports Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Health Incentive Accounts (HIAs), and Specialized Accounts. By consolidating and integrating the management of health spending accounts, employers and health administrators can improve benefit enrollment and account opening, consolidate customer service, simplify communications, and streamline account funding and management. To learn more, visit the BenefitWallet website.
Post-retirement exchange solutions: With a team of actuaries, attorneys, accountants, pharmacists, nurses, and consultants dedicated to retiree health care issues, we stay on top of Medicare changes and help you maximize your retiree health care strategy. Our comprehensive tools are developed to ensure you're getting the most out of your plans while helping your retirees navigate the complexities of Medicare, and include:
- Voluntary Data Sharing Arrangement Automate (VDSA Automate™) allows employers and plan sponsors to audit and reconcile the eligibility of enrolled Medicare beneficiaries, streamline the administration of health plans, track the Medicare eligibility status of retirees and active employees and resolve any discrepancies, follow-up with participants regarding incomplete records, and identify cost-management strategies.
- Compliance, Audit, Reconciliation, and Data Storage (CARDS®): With potential penalties under the Medicare Part D RDS program, you need a solution that minimizes financial and compliance risks and maximizes the RDS monies you are eligible to receive. CARDS' compliance component helps protect you from encountering compliance issues and stores required materials on your behalf in case of an audit by the Centers for Medicare and Medicaid Services (CMS) or other federal agencies.
- Medicare consumerism tools: Through our partnership with Destination Rx, we've built Web tools to help retirees make informed decisions. Our modeling tools help Medicare-eligible retirees narrow-down endless prescription drug plan choices to the best option. In addition, our technology solutions use actual participant data to help the retiree clearly see and understand how certain medical plan features — like out of pocket limits — protect them from catastrophic or chronic health care expenditures.
- Employer Group Waiver Plan (EGWP) : With only minimal benefit changes, transitioning from an RDS program to EGWP can reduce your FASB or GASB liabilities by up to 20%. You can also gain both immediate accounting advantages and cash savings of up to twice that of RDS by 2020. We facilitate the implementation of EGWP by offering a variety of enrollment support options, including gathering health insurance claim numbers (HICNs) from CMS, developing participant communications, financial modeling, member decision support, validation of CMS subsidies, and pharmacy benefit manager (PBM) processing.
- Early Retiree Reinsurance Program (ERRP) Automate: It's estimated that employers can recover up to 80% of the cost of health care claims between $15,000 and $90,000 per early retiree or eligible dependent simply by maintaining early retiree plan funding. We assist you throughout the application process, function as your Account Manager or Designee, collect and aggregate medical and drug data from multiple sources, prepare quarterly cost submission requests, and develop compliance plans to ensure you're eligible to receive the maximum subsidy.
Severance Solution®: Given the current economic environment, many employers will be reviewing their workforce costs and may be forced to make the difficult decision to reduce headcount. Severance Solution provides employers with an efficient, turnkey approach that can take advantage of three main savings opportunities: the elimination of FICA taxes on severance payments through SUB Plan and Trust, coordination of severance payments with state unemployment benefits while maintaining 100% income replacement for former employees, and implementation of a new employment feature whereby severance payments stop when a displaced worker finds new employment.
Take a moment to learn more about how we helped a client cut costs while extending the severance period.