The administration of benefit plans for any employer can be a daunting challenge. Indeed, you need a strategic partner. Foresight Benefits not only provides you with a comprehensive platform of benefits but we tie in our services with benefit outsourcing. By outsourcing the non-core human resource functions, Foresight Benefits is able to provide our clients a turnkey employee benefits package, while managing the daily administrative needs of these packages. By the design and implementation of software and unique programs, we ease the burden of administration for our customers. We have set ourselves apart from the traditional insurance brokerage firm. By tying all your benefits under one roof we become your benefit specialist in every situation that may arise.
This improved benefit value occurs because:
Our Services include but are not limited to:
Foresight Benefits’ one-stop benefits and outsourcing solutions provides you with tailored services that will help lessen your internal administrative burden and free up valuable staff time. We are a value-added extension of your human resource benefits department. Your employees always have a direct link to our organization once again saving your personnel valuable time and money.
We recognize that sometimes, insurance claims are not paid correctly and/or even though a claim may be paid correctly, the patient may not understand payment information provided by the carrier. We provide a specialized service to assist our clients to navigate the complexities of healthcare and insurance systems and we step in when claims have been adjudicated incorrectly. This service pays strict attention to HIPAA Privacy Law.
Form 5500 Compliance
Foresight Benefits’ 5500 Administration includes:
These services aid in:
Foresight Benefits 5500 services provide employee benefits plan sponsors the freedom to focus on business issues — and not complex IRS and DOL reporting and compliance requirements. By constantly monitoring changes in ERISA laws and required compliance issues, Foresight Benefits minimizes your risk of non-compliance and removes the need for you to track due dates and tax law changes.
Foresight Benefits will maintain accurate eligibility records, and make sure enrollments of new employees are handled on a timely basis.
Our enrollment processing permits you to eliminate the tedious processing of paperwork. Foresight Benefits assumes responsibility for enrolling new employees as well as open enrollment processing. Foresight Benefits will post employee elections and distribute Summary Plan Descriptions. Employer information will also be up-loaded immediately on our web-enabled software where employees can view a brief summary their benefit choices. We can also interface with your payroll provider regarding your new employees and ongoing changes.
We view ourselves as being in partnership with our clients in creating a benefit program that delivers real advantage for both employer and their employees. We became aware that our clients wanted to streamline their benefit enrollments by providing employees with access, 24 hours a day 7 days a week, in making initial and open enrollment elections, reviewing a brief summary of benefits, and viewing alternative benefit elections, and their various costs when cost sharing was required.
Foresight Benefits uses a combination of security measures to protect the confidentiality and integrity of information provided by the employer and employees. These measures include encryption, access control mechanisms and firewalls.
When terminating an employee or when an employee decides to leave this triggers many areas governed by compliance issues. Failure to comply with any area of these laws results in huge penalties.
Foresight Benefits does more than work with you to design a state of the art benefit package. We continue the partnership through many diverse issues that your management team faces. In assisting in the following areas we learn about your company and your philosophy. This empowers us to provide the best all around solutions for your employees.
We realize that our clients put their trust in us to make sure that their employees’ enrollments, terminations and eligibility changes are processed accurately and in a timely manner. It is the goal of Foresight Benefits to process all enrollments, terminations and changes within 48 hours. To clarify, we expect that our office will turn around your requests within 2 business days but we know that it will take the carriers 10 additional business days to complete the process.
In addition to our eligibility, COBRA and claims systems, Foresight Benefits has established other systems and checklists to ensure that enrollments, renewals, and conversions run smoothly and efficiently. If interested, we would be happy to share these systems with you.