As Health Care Costs continue to increase employers are searching for the solutions to cut costs and still maintain a satisfactory level of employee benefits.  Employers are searching for Brokers that will provide the pieces that they most desperately need.  Let the Preferred Group be that piece to your puzzle, with a full array of Self-funded products and customized plan design.  Make the Preferred Group your preferred third-party administrator and ask about our Broker commissions program.

The Preferred Group is responsible for the following services:

• Adjudication of claims (within seven days)
• Coordination of benefits processing
• Maintain eligibility file
• Accumulate history
• Handle appeals
• Provide checks & explanation of benefits
• Prepare monthly and annual reports
• Process pre-determination of benefits
• Obtain stop-loss coverage, if required
• Full accounting

The Preferred Group will aid the plan sponsor in the design and initiation of the plan, and in any revisions the plan sponsor deems necessary.  The Preferred Group will ensure that all reviews meet the criteria set forth under the Employee Retirement Income Security Act of 1974 (ERISA), if applicable.

As per the initial agreement, The Preferred Group will pay plan benefits by checks drawn on a benefit plan account.  The Preferred Group will deposit to such account, each day on which checks are drawn, a draft on the account of the plan sponsor in an amount equal to the sum of the checks drawn on that day.

The Preferred Group does not insure nor underwrite the liability of the plan sponsor under the plan.  The plan sponsor retains the ultimate responsibility for claims made pursuant to the plan.

A Commuter Reimbursement Account, allowed by § 132 of the Internal Revenue Code, allows employees to have their parking and commuter mass transit expenses deducted on a pre-tax basis. Employees can deduct up to $230.00 per month for parking costs and an additional $230.00 for utilizing mass transit.

The employer will save 7.65% matching FICA for each dollar that is placed in a Commuter Reimbursement Account.  This savings will offset the administrative costs of the program and will help maximize employee retention by offering employees this tax savings program.  Employees can save 30 to 40% on their tax burden by utilizing the CRA which results and a win-win situation for both the employer and the employee

How does it work?

Employees who want to participate in the Commuter Expense Reimbursement Account can make monthly elections for both parking and mass transit and those elections may be changed each month.  This amount is reduced from the employee’s income prior to taxes. When commuter expenses are incurred, employees will submit a completed claim form along with appropriate supporting documentation for reimbursement.  Employees cannot be reimbursed more than the balance in their account.  The employer also has the option of offering the Pre-Paid Benefit Card for these expenses.

When employees use our Pre-Paid Benefit Card to pay for qualified transportation costs at a merchant accepting MasterCard location, funds are automatically deducted from the pre-tax dollars in their Commuter Reimbursement Account. Employees can view their account online at www.thepreferredgroup.com to keep apprised of charges, contributions, and current balances for the remaining plan year. 

The Preferred Group has been offering the tools for Brokers and their clients for over 20 years.  Employers are constantly searching for full service Brokers who offer ways to lower their costs while maintaining a high level of benefits.  By using The Preferred Group as your preferred TPA you will provide a quality benefit to your clients without the nuisance of administration.  Call today and find out about The Preferred Group’s broker commission program.

The Preferred Group can assist your client’s employee association, union trust fund, and employer group with the establishment and ongoing maintenance of a Heath and Welfare Fund Benefit Plan.  We will consult with your organization to help determine the best benefits for the available funds.  Self funded benefit plans offer significant advantages over insured plans in both flexibility and cost containment for such employee benefits as dental, vision, prescription drug, flexible supplemental health, legal and other insured or self-insured benefits the trustees or employer may wish to offer.  The Preferred Group’s full service administration is fully HIPAA compliant and will take the problems out of ensuring your organization has the best benefits at an affordable cost.

Health & Welfare Trust Administration Services offered:

• Design of benefit plan
• Adjudication of claims
• Maintain eligibility
• Process collections from employers
• Prepare reports to trustees
• Consult with trustees
• Maintain fund database
• Accumulate benefit history
• Handle appeals
• Prepare monthly and annual reports
• Process pre-determination of benefits
• Obtain stop-loss coverage
• Retain actuaries, accountants and attorneys as required
• Full accounting
• Other specialized services upon request

We offer a widely recognized and valued debit card program that can accommodate evolving benefit plans. The  Prepaid Benefits Card has the flexibility to change as your benefits program expands or changes. The Card can manage multiple employee benefit accounts at the same time and access them in the appropriate order based on your benefit plan design. Each plan year, the same Card is reloaded with the latest employee accounts (e.g. FSA, HRA etc.) and funding amounts.