For over 20 years, Benefit Brokerage Services has served as a General Agency empowering brokers with our vast experience in the Employee Benefit arena. In addition to a broad Ancillary product offering, we have established ourselves as Alternative Funding specialists providing a myriad of cost reducing solutions, custom-tailored for each employer. We have perfected the sales, implementation, and administration of Section 105 MERP and ASO Partially Self-Funded Plans to a streamlined process for all parties. We are proud to have saved employers an average of 30% on costs, improving benefits, all without reducing broker commissions.
Benefit Brokerage Services opens its doors in San Jose, CA as a General Agency first representing Lifeguard HMO. Our tremendous success was shared by Lifeguard and the brokers who quickly grew to rely on our resources.
We developed and introduced to market the first fully-insured Acupuncture plan called Acupuncture Plus. We credentialed 450 licensed acupuncturists to form a PPO network, contracted the largest Third Party Administrator, and received financial backing from one of the largest reinsurers in the world. The introduction of this plan sparked Landmark Health Care and American Specialty Health to develop their own Acupuncture plans and also helped mainstream the modality of Acupuncture and its treatments.
As we grew, we continued to expand our representation of ancillary products to include a broad portfolio comprised of Dental, Vision, Life, AD&D, LTD, STD, Acupuncture/Chiropractic, etc.
Benefit Brokerage Services becomes the new statewide General Agent for Health Net of California.
We launched our innovative Section 105 Medical Expense Reimbursement Plan in conjunction with Blue Cross' Basic PPO plan. This cost saving option for the small group market was well received, providing employers with an average savings of 30%. This option included the services of a Third Party Administrator, PPO network, and a Drug Network, allowing employers to self-fund smaller outpatient claims while Blue Cross covered larger Hospital claims.
Management changes and other factors ended our relationship with Health Net as a General Agency for new business. We continue to maintain and service existing business.
Benefit Brokerage Services begins development for a Partial Self-Funding product called East West Benefit Plans (EWBP). This ASO product was the predecessor to Silicon Valley Health Plans and included custom plan design, PPO Network, Third Party Administrator, and Stop Loss Insurance.
Silicon Valley Health Plans is introduced as a packaged partial self-funding product for employers with 50 to 500 employees. This product provides the versatility of self-funding with Specific and Aggregate deductibles through an array of stop-loss reinsurers for employer protection. It is partnered with one of the largest Third Party Administrators and allows the use of many large PPO networks.
EAST WEST Administrators is launched as a Third Party Administrator providing comprehensive administration of Section 105 Medical Expense Reimbursement Plans. Benefit Brokerage Services identified a missing multi-cultural component to Third Party Administrators servicing the greater Silicon Valley and beyond. EAST WEST Administrators is born on the premise that "full service" includes not only streamlined, comprehensive administration, but meeting the individual language and cultural needs of members.
Today, Benefit Brokerage Services continues to empower brokers through constant innovation in the ever-changing healthcare industry. We pride ourselves as being experts in the Alternative Funding arena, even alongside Kaiser. With creative product designs and fully customizable features, we will continue to improve and develop innovative products to support our valued brokers and their clients.
Medical Expense Reimbursement Plans (MERP) under IRS Tax Code Section 105 allows employers to use higher deductibles on group health plans to lower premiums, and allocate savings to pay providers directly for small claims under the deductible. The total amount of claims paid are usually far less than the allocated funds, resulting in an average of 30% total savings for most employers.
This plan combines the use a Group Medical Plan (Part I) with an employer sponsored Medical Expense Reimbursement Plan (Part II) to form a custom tailored product that provides increased benefits and lower overall cost.
Part I – The employer purchases a fully-insured medical plan with a high deductible (reducing premium) from one of the major carriers (Kaiser Permanente, Blue Shield of CA, Health Net, etc.) to cover larger claims such as hospitalization, outpatient surgery, emergencies and others.
Part II – The employer takes advantage of large premium savings, and self-insures the first layer of care for employees by paying for small claims falling beneath the deductible. This process is fully streamlined through administration by EAST WEST Administrators, offering simplicity for the employer and ease of use for the employee.
+ The plus in our MERP+ product represents a multicultural-focused customer service team to meet the needs of the region's diverse demographic. We understand that employers located in our zone of high tech innovation will have employees with different individual needs. Our administration team is fluent in a variety of languages to ensure that their servicing needs are not only met, but exceeded. In addition to English, we speak: Cantonese Chinese, Hindi, Korean, Mandarin Chinese, Spanish, Tagalog, Teochew, and Vietnamese.
EAST WEST Administrators (EWA) is a Third Party Administrator (TPA) born as the result of identifying a missing aspect in most TPA's servicing the area. In addition to providing streamlined total administration of Section 105 Medical Expense Reimbursement Plans, EWA is local and uniquely multi-cultural, with staff fluent in multiple languages to support California's diverse demographic. Comprehensive administration services include:
*Please visit EAST WEST Administrators for more information.
Silicon Valley Health Plans (SVHP) provides a desirable option for Employers with 50-500 employees to partially self-fund their benefit plans to increase savings, increase benefits, and take back control of their group health insurance.
Silicon Valley Health Plans provides a better position from which Employers can manage uncertainty; self-funded benefit plans bypass some the complicated regulations and mandates that govern the health insurance industry today. There are many advantages to self-funding, including the mitigation of the tremendous complexities and restrictions associated with "Obamacare."The main components of a Partially Self-Funded plan include:
We select Insurance carriers and PPO networks to accommodate the size of the Employers and location of the employees to maximize savings.
The plan's core component is a very high deductible Stop-Loss Policy purchased by the Employer to cover the employees and dependents in case of a catastrophic illness or accident. With the substantial reduction of premiums, the employer now pays for inpatient and outpatient services including hospital, surgery, office visits, laboratory tests, x-rays, prescription drugs and other outpatient care for employees and their dependents. The Employer's costs are discounted using PPO network providers. If the expenses exceed the high deductible for any member, the insurance carrier covers the remaining expenses to an unlimited amount.
Administration services for Silicon Valley Health Plans are provided by one of the largest benefit administrators and healthcare risk managers in the country.
*Please visit Silicon Valley Health Plans for more information.
We represent many top Ancillary Carriers to provide group coverage for Dental, Vision, Life, Acupuncture, Chiropractic, Accidental Death and Dismemberment (AD&D), Short Term Disability (STD), Long Term Disability (LTD), and Wellness.
Total Advantage is an all-encompassing Employee Benefits product designed to meet the comprehensive needs of modern employers. Through selective partnerships, Total Advantage provides employers with a packaged solution that includes: