BENEFITS SERVICES

Employee Benefits Broker

Our employee benefits insurance brokerage has a proven track record of working with executive management teams to reduce healthcare costs while building out a richer employee benefits strategy: (fully insured, level-funded or self-funded) to hire and retain top talent.


We operate in the small business marketplace (under 50 employees) and the large business marketplace (over 50 enrolled employees). 


For medium-to-large size businesses, our team of experienced employee benefits brokers will build a level-funded or self-funded benefit program with full stop-loss insurance protection in force to meet and potentially exceed the employee benefits and financial goals of the plan sponsor. 


Our employee benefit vendors and partners have a proven track records in building out strong employee benefit programs to hire and retain employees for your company.


Insurance carriers for fully insured, level-funded, and self-funded employee benefits plans:  CareFirst BlueCross, United Healthcare, Cigna, Aetna, Anthem, Kaiser Permanente, Unum and more. 


Health Insurnace Employee Benefits Broker:

Medical, Dental, Vision, Short-Term Disability, Long-Term Disability, Group Life and Long-Term Care Insurance, and all  Ancillary Benefits.


Glover Park Wealth Management, LLC is a licensed insurance agency and employee benefits broker in Virginia, Maryland and Washington, DC.


Our employee benefit consultants can work with clients in all 50 states.

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Employee Benefits Consulting

Self-funded benefits plans represent a strategic approach for businesses looking to take control of their healthcare expenses. In this model, companies assume the financial risk of providing healthcare benefits to their employees, paying out claims as they occur instead of fixed premiums to an insurer.


Estimated cost reduction of 20% with a self-funded benefits arrangement. 


This funding arrangement offers the potential for significant cost savings and flexibility, as businesses can customize their health plans to fit the specific needs of their employees. 


Glover Park Wealth Management brings extensive experience in designing and managing self-funded plans, providing the guidance and support necessary to mitigate risk, manage costs, and ensure compliance with regulatory requirements. 


Our comprehensive services include plan design, stop-loss insurance procurement, and claims administration, empowering your business to offer competitive benefits while maintaining financial control.

Level-funded benefits plans blend the predictability of fully funded insurance with the cost-saving potential of self-insurance, making them an ideal solution for small to medium-sized businesses seeking the best of both worlds. 


Under a level-funded plan, companies pay a fixed monthly amount to cover anticipated claims and administrative costs, with the possibility of receiving a refund if claims are lower than expected. 


This funding model offers financial predictability and the opportunity for cost savings, along with the flexibility to tailor benefits to the needs of the workforce. 


At Glover Park Wealth Management, our expertise in level-funded plans enables us to provide strategic planning and management services that optimize benefits while controlling costs. We work closely with your business to assess your needs, manage risks, and ensure that your level-funded plan delivers maximum value to both your company and your employees.

Fully-insured benefits plans offer a traditional approach to managing your organization's benefits, where the company pays a fixed premium to an insurance provider that assumes all the risk for the covered healthcare costs. 


This model provides stability and predictability in budgeting for healthcare expenses, making it an attractive option for businesses seeking to offer comprehensive benefits without the unpredictability of fluctuating costs. 


At Glover Park Wealth Management, we specialize in navigating the complexities of fully funded plans, ensuring your business and employees receive optimal coverage and value. 


Our expertise allows us to negotiate favorable terms with insurers, providing a range of options tailored to meet the unique needs of your workforce while managing costs effectively.

  • Self-Funded

    Self-funded benefits plans represent a strategic approach for businesses looking to take control of their healthcare expenses. In this model, companies assume the financial risk of providing healthcare benefits to their employees, paying out claims as they occur instead of fixed premiums to an insurer. 


    This funding arrangement offers the potential for significant cost savings and flexibility, as businesses can customize their health plans to fit the specific needs of their employees. 


    Glover Park Wealth Management brings extensive experience in designing and managing self-funded plans, providing the guidance and support necessary to mitigate risk, manage costs, and ensure compliance with regulatory requirements. 


    Our comprehensive services include plan design, stop-loss insurance procurement, and claims administration, empowering your business to offer competitive benefits while maintaining financial control.

  • Level Funded

    Level-funded benefits plans blend the predictability of fully funded insurance with the cost-saving potential of self-insurance, making them an ideal solution for small to medium-sized businesses seeking the best of both worlds. 


    Under a level-funded plan, companies pay a fixed monthly amount to cover anticipated claims and administrative costs, with the possibility of receiving a refund if claims are lower than expected. 


    This funding model offers financial predictability and the opportunity for cost savings, along with the flexibility to tailor benefits to the needs of the workforce. 


    At Glover Park Wealth Management, our expertise in level-funded plans enables us to provide strategic planning and management services that optimize benefits while controlling costs. We work closely with your business to assess your needs, manage risks, and ensure that your level-funded plan delivers maximum value to both your company and your employees.

  • Fully-Insured

    Fully-insured benefits plans offer a traditional approach to managing your organization's benefits, where the company pays a fixed premium to an insurance provider that assumes all the risk for the covered healthcare costs. 


    This model provides stability and predictability in budgeting for healthcare expenses, making it an attractive option for businesses seeking to offer comprehensive benefits without the unpredictability of fluctuating costs. 


    At Glover Park Wealth Management, we specialize in navigating the complexities of fully funded plans, ensuring your business and employees receive optimal coverage and value. 


    Our expertise allows us to negotiate favorable terms with insurers, providing a range of options tailored to meet the unique needs of your workforce while managing costs effectively.

Common employee benefits broker questions

Have a question? Contact us.

  • What is an employee benefits broker?

    An employee benefits broker is a licensed professional who specializes in designing, implementing, and managing comprehensive employee benefits programs. 


    These programs encompass various insurance plans such as medical, dental, vision, disability, ancillary, and group life insurance policies.


    Our benefit consultants collaborate closely with executive management and HR teams to develop tailored benefits strategies. We offer fully insured, level-funded, or self-funded plans that aim to reduce healthcare costs and enhance your company's ability to attract and retain top talent. 

  • Which insurance carriers do we partner with for employee benefits plans?

    We work, quote, and manage with the leading insurance carriers to offer a diverse range of employee benefits plans. 


    Our network includes reputable providers such as CareFirst BlueCross, United Healthcare, Cigna, Aetna, Anthem, Kaiser Permanente, Unum, and more. 

  • What types of employee benefit plan offerings do we provide?

    We provide a comprehensive suite of employee benefits, including:

    • Medical Insurance: Comprehensive health coverage plans.
    • Dental and Vision Insurance: Plans to maintain oral and visual health.
    • Short-Term and Long-Term Disability Insurance: Income protection in case of illness or injury.
    • Group Life Insurance: Financial security for employees' beneficiaries.
    • Ancillary Benefits: Additional offerings such as wellness programs and employee assistance programs.

    Our services are available to clients in Virginia, Maryland, Washington, DC, and across all 50 states, ensuring that your employees have access to best in class benefits. 

  • What are self-funded benefit plans?

    A self-funded, or self-insured, benefits plan is a strategy where an employer assumes the financial responsibility for providing healthcare benefits to its employees. 


    Instead of paying fixed premiums to an insurance carrier, the company pays for individual claims as they arise. 


    To mitigate the risk of unexpectedly high claims, employers often purchase stop-loss insurance. This approach offers greater flexibility in plan design and can lead to significant cost savings. 

  • Advantages of adopting a self-funded benefits plan

    Opting for a self-funded benefits plan provides several key benefits:

    • Cost Savings: Potential reduction in healthcare expenses by up to 20%, as employers avoid insurer profit margins and certain state taxes.
    • Customization: Ability to tailor healthcare plans to meet the specific needs of your workforce.
    • Transparency: Enhanced access to claims data, allowing for informed decisions on plan adjustments and wellness initiatives.
    • Regulatory Flexibility: Exemption from certain state insurance regulations, as self-funded plans are primarily governed by federal law.

    We leverage our benefits expertise to assist businesses in designing and managing self-funded plans that align directly with their financial and organizational goals.

  • How do we support companies in implementing self-funded plans?

    We offer a comprehensive suite of services to facilitate the successful implementation and management of self-funded benefits plans, including:

    • Plan Design: Crafting customized health plans that align with your company's objectives and employee needs.
    • Stop-Loss Insurance Procurement: Assisting in selecting appropriate stop-loss coverage to protect against high claims.
    • Claims Administration: Providing efficient processing and management of employee healthcare claims.
    • Regulatory Compliance: Ensuring adherence to applicable federal regulations, such as ERISA and the ACA.
    • Ongoing Consultation: Offering continuous support and strategic advice to optimize plan performance and cost-effectiveness.

    Our goal is to empower your business to offer competitive and sustainable healthcare benefits while maintaining financial control.

  • What are level-funded benefit plans?

    A level-funded benefits plan combines elements of both fully insured and self-funded plans. In this arrangement, employers pay a fixed monthly amount that covers anticipated claims, administrative costs, and stop-loss insurance premiums. 


    If the actual claims are lower than expected, the employer may receive a refund or credit; if higher, the stop-loss insurance covers the excess. 


    This model provides cost predictability while offering potential savings and customization options. 

  • Why should a business consider a level-funded benefits plan?

    Level-funded plans offer several advantages:


    • Predictable Costs: Fixed monthly payments simplify budgeting and financial planning.
    • Potential Refunds: Opportunity to receive a portion of unused funds if claims are lower than anticipated.
    • Customization: Flexibility to design a benefits package that aligns with employee preferences and organizational goals.
    • Risk Mitigation: Stop-loss insurance provides protection against unexpectedly high claims, limiting financial exposure.

    This approach is particularly beneficial for small to medium-sized businesses seeking a balance between cost control and plan flexibility.

  • How do we assist in implementing level-funded plans?

    Our team provides end-to-end support in establishing and managing level-funded benefits plans, ensuring a seamless process and optimal results. Services include:


    • Assessment: Evaluating your company’s demographics, employee needs, financial objectives, and risk tolerance to determine if a level-funded plan is the right fit for your business.
    • Plan Design: Customizing benefits packages that align with your workforce’s specific requirements while maintaining cost efficiency.
    • Vendor Selection: Partnering with trusted insurance carriers to secure the most competitive rates and terms for your level-funded plan.
    • Claims Analysis: Monitoring claims trends, identify cost drivers and opportunities for savings, ensuring the plan performs as expected.
    • Risk Management: Implementing stop-loss coverage and other safeguards to protect your business from unexpected high-cost claims.
    • Compliance Support: Ensuring adherence to federal and state regulations, including ACA requirements, while simplifying administrative processes.
    • Reporting and Refunds: Providing regular reporting on claims data and ensuring that any surplus funds (if claims are lower than anticipated) are returned to your business as per plan terms.

    By offering strategic planning and ongoing support, Glover Park Wealth works with businesses to maximize the financial predictability and savings potential of level-funded plans while delivering value to employees. 


    Let us guide you through every step of the process to ensure your plan meets your organization’s goals.

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FIDUCIARY ADVICE
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vendor Selection
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employees Benefits

Transform your benefits offerings today.

At Glover Park Wealth, our employee benefits brokerage firm will consult with the executive management and HR team in several areas: 360-degree payroll integration, HRIS vendor consulting, employee health benefits, medical, dental insurance and 401(k) plans.


Employee Benefits Insurance Agency:


Our goal is to bring more value to the employee participants while controlling costs for the employer. Our team of experienced benefit advisors will work with your company navigate the complexities of vendor selection, compliance, and employee education.


Let us empower your employees today, schedule a meeting with our experienced benefits advisors.


Employee Benefit Broker in: Maryland, Washington, DC, Virginia, & Atlanta, Georgia - GA.

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