Everything Flashcards
(31 cards)
What are PEOs
Professional Employer Organizations
Who are the key players?
PEOs, Insurance Brokers, Benefit Consultants, Employer Groups, and Industry Associations
What are the key functions and services that are provided by a PEO?
HR functions and services are payroll, administration, employee, benefits, compliance, and wrist management, HR support and consulting and workers compensation
How to sell to PEOs
Focus on scalability, administrative ease, and revenue share opportunities
How to sell to brokers
Emphasize commission structures, differentiators, and client retention tools.
How to sell to Employers
Highlight cost savings, employee satisfaction, and operational efficiency.
If I build a plan to be resold, what type of client is that?
A Broker
Careington is
A national leader in health, wellness and lifestyle products and services.
Careington’s affiliate, Careington Benefits Solutions (CBS) specializes in
Marketing and administration for insured plans
Can you supplement in a discount plan with insurance?
Yes
What products are included in WinDSOs WellnessPlan?
- Healthservices Hub
- Resources for living
- Great Speech
- Legal Club of America- legal, financial, and tax prep services
- Choose Healthy
- DC - $75 consult fee
What does run rate mean?
Refers to the financial performance of a company based on using current financial information as a predictor of future performance.
What is the approach strategy to target PE firms for health, wellness and lifestyle products?
What does ERISA mean?
The Employee Retirement Income Security Act
What is ERISA
This is a federal law that protects retirement and health plans for private sector employees.
Who does ERISA apply to?
It generally applies to voluntarily established plans in private industry.
What is a fiduciary?
This is anyone who manages or controls of plans, assets or investments. They have a responsibility to act in the best interest of plan participants.
What is a TPA
External company hired to manage crucial administrative services like claims processing, enrollment, billing, and compliance.
What is WRS
The wholesale rate sheet
What is rev share for Brokers?
15-30%
What is my commission
Up to 10% off net once hard costs like fulfillment and products are removed.
What is self funded?
This is one in which a company pays the healthcare claims directly instead of purchasing a fully insured policy through an insurance carrier. Typically, they involve a stop loss carrier.
Why do companies like self funded?
By self funding and organization can gain more control over plan design potentially reduce administrative costs and Taylor the benefits to meet the needs of their employees or members. This also means the organization assumes financial risk of covering clean costs, so it’s important to plan and risk management carefully
What is an a ASO?
This means administrative services only and in this case, we don’t usually have to pay a broker.
