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Strategic Benefit and Product Design

The complexity of modern employee benefit plans has forced most PEOs to review their product and service offerings quite frequently to ensure they are leveraging employee benefits as a strategic resource to support their value proposition and provide opportunities for increased profitability. We offer the experience and ability to identify opportunities to increase market competitiveness, including benchmarking all plan designs versus industry best practices.  We assist in identifying avenues to generate improved rates, geographic coverage, including new plan designs, rate bands, products, risk management and competitive bidding to your advantage.

Vendor Selection and Management
Vendor selection and management are two of the most critical functions we perform for our clients. Our success is largely based on how we do in these areas.

  • Pre-qualify potential vendors capable of meeting client objectives
  • Develop proposal specifications
  • Respond to prospective vendor questions and issues
  • Evaluate proposed services, plan designs, cost and funding options
  • Management reporting and recommendations on vendor options
  • Underwriting assistance and negotiations for final terms
  • Implementation and communication plan for new benefit plans
  • Regular evaluation of service providers
  • Assist in resolving problems relating to vendor performance
  • Assist in resolving claim problems or procedures, plan design issues, billing problems, and other difficulties.

Legislative and Regulatory Compliance
McHenry Consulting’s understand how legislation affects and shapes benefit plans and personnel policies. Our service include:

  • ERISA, Federal, State requirements
  • Summary Annual Reports/Summary Material Modifications

Document Review
Inconsistencies between vendor contracts, plan documents, and employee communications create liabilities for employers if not discovered and corrected. Our company ensures vendor contracts, plan documents and employee communications contain correct eligibility, rate and benefit provisions.

  • Review plan documents and amendments for compliance with specifications
  • Review Summary Plan Descriptions and amendments
  • Review insurance agreements and coordinate amendments
  • Coordinate with client counsel as required as we do not off legal review

Administrative Assistance
An evolving benefits program generates a never-ending list of benefit administration tasks. McHenry Consulting’s administration services range from a simple form to comprehensive outsourcing service. We can:

  • Assist in the development of internal processed to simplify the administration of various plans
  • Provide forms and templates as needed to enable employer compliance with COBRA, HIPAA and FMLA.
  • Act as an advocate for your company and employees
  • Provide comprehensive benefit administration outsourcing

Benefit offerings via our vendor partners include:

  • Group Insurance
  • Dental
  • Disability (STD and LTD)
  • Life
  • Long-Term Care
  • Medical
  • Managed Care
  • Shared Funding
  • Healthcare Savings Accounts (HSA)
  • HRA/FSA/Dependent Daycare Assistance Accounts
  • Employee Assistance Programs (EAP)
  • Occupational Accident Plans
  • Section 125 "Cafeteria" Plan
  • Voluntary Payroll Deduction Programs
  • Business Retirement: 401k, 403b, SEP, IRA
  • Health and Wellness Programs

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