As a full-service, third-party benefits administrator, Combined Benefits Group not only provides benefit programs but also includes all Administrative solutions needed and are guaranteed to keep our clients 100% compliant with state and federal laws and regulations. Below is a sample of the administrative services we offer to assure quality service and support our promise of compliance.
Section 125 Cafeteria Plan Administration
By offering a Flexible Benefit Plan, the Employer saves payroll taxes and the Employee saves FICA, Federal and State taxes. A Flexible Benefit Plan permits employees to authorize their employer to reduce their pay for expenses on the Health Insurance, Day Care and Medical, Dental and Vision expenses that are not covered by insurance. Under Section 125 of the IRS Code, employers can adopt a plan that will allow participants to set aside money, on a pre-tax basis, to pay for qualifying medical and dependent care expenses. Each dollar elected through this plan will generate a tax savings to the employee and employer. Combined Benefits Group is a certified administrator of such plans.
COBRA Compliance Administration
COBRA was implemented to further group health coverage requirements, out of concern for individuals that lost their coverage when they lost their job. COBRA requires employers with 20 or more employees to allow individuals to continue their group health coverage, based on certain qualifying events.
Coverage includes dental care, vision care, prescription drugs and any other health-related benefits offered by the plan. Coverage does not include non-health-related benefits such as group term life insurance, Accident death and dismemberment, and weekly and long term disability benefits.
Part-time employees are counted as a fraction. To determine fraction, divide the number of hours the employee worked by the number of hours the employee would need to work to be considered full time.
Retirement Plan Administration
Combined Benefits Group offers Retirement Plans that are customized to accommodate the growing needs of today’s employers and employees. We specialize in plan design consultation, conversion, preparation of plan documents, administration and compliance testing. We offer the standard 401k option which allows employers to put aside pretax income for their employees, but we also go further, offering Profit Sharing and Cash Balanced options; as well as 403b and 457 options for public school districts, universities, governmental entities and 3121 FICA Alternative Plans.
Consolidated "One Source" Billing
Offering multiple benefit plans along with other employee benefits requires coordination among various insurance carriers, administrators, and other service providers with regard to employee eligibility, enrollment, billing and remittance.
CBG's Consolidated Billing Service simplifies this process by handling all the details from eligibility administration to insurance carriers. You, as our client, will receive regular reports, including monthly billing statements and financial statements.
Independent Brokerage & Benefit Consulting
When it comes to employee benefits, employers are looking for knowledgeable professionals to partner with when creating a cost-effective plan. Our approach to benefit plan design comes from our many years as an independent brokerage firm. We have preferred access to a comprehensive suite of employer funded and voluntary insurance products for clients of all sizes.
Combined Benefits Group has a successful track record providing benefit solutions for over four decades across the Texas, New Mexico and Florida. We specialize in employee benefit administration and simplification. We can help you reduce your strain on human resources administration, improve employee satisfaction and productivity, and increase employee loyalty.
Brokerage and Consulting services include but are not limited to:
Request For Proposal (RFP) submission and review to qualified insurance carriers
Detailed market analysis of bid results
Preferred Provider Organization (PPO) comparison by ZIP code
Cost containment strategies
Healthcare reform planning
Return on Investment (ROI) analysis from Wellness Programs.