Benefit Management Consulting


The foundation of our company was based on providing our clients with personalized solutions that are built around them. The Providence approach includes careful planning, while providing an ongoing evaluation of your benefit offerings in their entirety. We actively manage service, policy provisions, and price to give you peace of mind. 

Your funding design for benefits is a key component of your multi-year strategy. As this industry adapts to the Affordable Care (ACA), new approaches to design and funding employee benefits have opened up opportunities to enhance your program and manage your costs. 


Consulting Strategy 

  • Develop a long-term goal with outlined future objectives 
  • Recognize gaps in coverage
  • Analyze current contracts 
  • Fund strategies and solutions with HDHP, HRA, and HSA
  • Evaluate alternative funding that will minimize risk and cost 
  • Model alternative budget and contribution scenarios 


Fully-Insured Health Plans 

If a more traditional fully-insured heath plan is right for your company, Providence Benefit Solutions can help you calculate how various fully-insured options including preferred provider option plans (PPO), accountable care organizations (ACO), and health maintenance organizations (HMO), will impact your employees' out-of-pocket expenses and your total plan costs. 


Self-Funded and Partially Self-Funded Health Plans 

With a self-funding strategy, you can limit or eliminate the role of the insurance carrier, bringing significant cost advantages. A self-funded plan also gives you greater flexibility and full access to data that enables you to gain insights into plan utilization and performance that you cannot get with a fully insured plan. This allows you to view and make improvements throughout the multi-year strategy. Additionally, self-funded plans are exempt from state insurance mandates. This enables you to tailor your employee benefits more precisely to meet employee needs while still meeting business objectives.


 You will be able to: 

  •  Improve cash flow by paying claims only when incurred 
  • Avoid excessive insurance company risk charges 
  • Avoid most taxes on premiums


Cafeteria Plans 

A Cafeteria Plan offers you a benefits funding strategy that can mean tax savings for both you and your employees. Under Section 125 of the IRS Code, a Cafeteria Plan gives employees the option of using pre-tax payroll dollars to pay premiums for a range of benefits including heath, dental, vision, and some voluntary or supplemental insurance. 


Consumer-Driven Health Plans (CDHP)  

Consumer-Driven plans give your employees a better understanding of costs of their healthcare and encourage them to take responsibility for managing those costs. 

CDHPs feature high deductibles and are often supported by Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), and/or a Heath Flexible Spending Account (FSAs). Your employees can use the tax-exempt savings in these accounts to help cover deductibles, co-insurance, and qualified healthcare expenses. They can also re-invest their savings for future medical costs. Your employees' voluntary benefits can also be designed to help employees with deductibles.