Benefits Broker Services

The vendor required to provide benefits broker services for include:
•    Advise and assist university in complying with federal laws and regulations related to employee benefits, specifically the mandates of act and any other compliance issues related to employee benefits to include ongoing healthcare reform cost and impact projections. 
•    Work with university’s human resource department on an ongoing basis to include but not limited to the scope of work outline here. 
•    Assist with developing a multi-year benefit strategy that supports university’s total rewards philosophy and goals.
•    Assist with open enrollment process including decision support and employee education. 
•    Develop, assist, and continue to assess feasibility of multiple health plan options. 
•    Maintain records of the financial and claims experience, as well as records on the condition and progress of the self-funded benefit program and provide monthly reports. 
•    Provide monthly claims analysis report, conduct actuarial analysis of claims reserve, and fund requirements as requested. 
•    Provide any necessary actuarial services including projecting funding needs for upcoming benefit plan year. 
•    University’s medical, prescription drug and dental and vision claim trends. 
•    Identify appropriate and cost-effective strategies to reduce health and benefit claim costs. 
•    Recommend alternative benefit designs or delivery systems as dictated by emerging plan costs or benefit practices. 
•    Review and negotiate with carriers’ favorable costs, terms, and services for university’s health plan, including medical, prescription drug, dental, vision, stop loss (if applicable) and other benefit plans. 
•    Conduct thorough and applicable market research in preparation for contract renewal for appropriate benefit plans. 
•    Advise and assist in reviewing contracts, plan documents, insurance policies, and other documents for applicability, accuracy, and consistency. 
•    Prepare and deliver necessary reports to the university’s self-funded health plan. 
•    Conduct thorough and applicable market research in preparation for contract renewal for appropriate benefit plans. 
•    Advise and assist in reviewing contracts, plan documents, insurance policies, and other documents for applicability, accuracy, and consistency.
•    Prepare and deliver necessary reports to the university’s self-funded health plan. 
•    Advise and assist in reviewing the university plan documents on a continuing basis to ensure that those plans are in compliance with federal requirements and their adequacy of benefits with respect to other plans. 
•    Assist in developing communication materials that will educate faculty and staff regarding current benefits and potential benefit changes. 
•    Provide liaison services between university and other benefit contractors (carriers) including coordination of reporting and assistance resolving claims. 
•    Conduct thorough and applicable market research in preparation for contract renewals including annual benchmarking with comparable institutions. 
•    University reserves the right under the terms of the request related duties not specifically set forth in the scope of work and service expectations. 
•    Evaluate the effectiveness of current TPA for the self-funded medical plan and assist with preparation of future.

- Questions/Inquires Deadline: November 19, 2025