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Health Insurance Financial & Actuarial Services Attendance at All Pertinent Meetings Locey & Cahill, LLC will be available to attend all relevant meetings.Stop-Loss Insurance Review On an annual basis, we will review the Stop-Loss Insurance Policy in place. If necessary, we will prepare an RFP and market the policy to a wide variety of carriers that are filed and approved in New York State.Labor Relations Assistance We will provide assistance in the development of strategies in labor negotiations. This assistance will come in the form of financial analysis, benefit design ideas, industry trends and other related material.Annual Vendor Contract Review We will review all vendor contracts to ensure they meet industry standards for services provided and fees charges. If necessary, we will prepare an RFP and market the administrative services contract to a wide variety of carriers that have experience administering programs in New York State. Worker's Compensation Administration We will provide administrative support services which will allow administrators to concentrate on the actual claims administration process without becoming overwhelmed by extensive project work. This may include but is not limited to:Audit The Locey & Cahill, LLC Auditing Team follows a detailed process. Through this process, our team will examine the complete claim file. We will also track that file from the point it enters the administrator's office through the point when the explanation of benefits is sent out.Financial We will complete financial analysis of the Plan's financial position as well as the claims/loss positions. This analysis may include, but is not limited to: Annually, Locey & Cahill, LLC will perform all necessary year end calculations. These may include, but are not limited to:Case Management Locey & Cahill, LLC will assist plan administrators and officials with the case management of individual claims on a claim by claim basis. A flexible benefit plan, also called a cafeteria plan, allows employees to choose between certain nontaxable benefits offered by an employer, and taxable benefits-typically cash- without being taxed on the taxable options they could have elected. While it does offer individual tax-advantaged election options, a flexible benefit plan is not a separate program that provides distinct benefits. Rather, it is a framework encompassing an employee's regular compensation and benefits practices. Locey & Cahill, LLC will perform a Request for Proposal Process which encompassing the following services: |
