Employee Benefits Advisors Group

Patti Goldfarb

Talent Management and HR

Benefits consulting

Services - Short Description

Employee benefits consulting and implementation

Services – Long Description

While employee benefits represent a business’ second highest expense, it is not something business owners like to pay attention to. We take this burden off employers. We will survey your employees to find out what they use and need, review plans design, utilization, demographics, cost level, funding methods, administration fees and services. We will research the market, provide you with reliable information to decide on plan design, employee contributions and budgeting until we have designed the perfect plan for you. We make business owners look like heroes to their employees. But we don’t stop there. Throughout the year we are available to monitor results, resolve claim and billing issues, keep you appraised of legislative updates, and prepare for the next renewal. The Employee Benefits Advisors Group was formed by handpicking experts from every related field to allow our clients to get the advice they need from the best minds available. We see business owners all across the country struggling under the burden of ever-increasing health insurance premiums and legislative mandates that don’t make a lot of sense to them. Because this is not the main focus of their business, many business owners ignore benefits resulting in overpaying for plans that don’t address employee needs and can ultimately lead to reduced productivity, loss of employees and reduced profits, not to mention tax penalties. Our relationships with our clients is not a once-a-year thing. Throughout the year we monitor the frequency and severity of claims utilization to identify potential cost drivers. We service claims and billing issues, provide legislative updates, and keep them informed about new offerings appropriate for the employees. We will also assist you in the negotiations with your current insurers and healthcare providers.

Years in Business

since 1983

Special Designations, Certifications or Honors

  • Certified Senior Advisor

Target Business Size

We work with small to mid-sized businesses (up to 1,000 employees), franchises, associations, and chambers of commerce

Geographic Area Serviced

  • National for self-insured plans, NY, NJ, FL, CT for fully insured plans

Previous Clients

  • Glen Ridge Country Club, Multimedia Solutions, Central Park Physical Medicine, Hand Over Hand, Meadowland’s Chamber, Metro Builders & Contractors Assn.

Testimonial

Executive Director of a large Physiatrist Practice: "I have worked with Patti for many years. She has consistently found us the right coverage for our employees at a competitive price and always seems to know when to make changes, Last year she saved us $54,000!"

Case Study

A client was referred to me because she was unhappy with her current broker who did not inform her about the ACA limits on employee contributions towards health insurance premiums, resulting in a tax penalty. The prior year, the broker had put her in a plan that went bankrupt. After reviewing all of the current benefit programs – health insurance, dental insurance voluntary benefits, 401(k) plan and executive benefits, I received broker of record appointments and proceeded to work on the most urgent issue: the health insurance plan that was about to renew. The company had 90 employees, but only 30 were enrolled in the plan. This creates a challenging situation because they cannot be shopped as a small group and have to go through large group underwriting. Many carriers don’t like groups with low participation like this. In addition, the current carrier gave them a 16% increase; partly due to two pregnancies and partly to recoup COVID claims over the past year. Fortunately, I was able to obtain proposals from a couple of carriers for level funded plans. These are self-insured plans where the premiums are billed on a level basis each month so as not to wreak havoc with an employer’s cashflow. At the end of the year the claims paid are reconciled and a percent of the overage (if any is refunded). The health insurance costs were substantially reduced from the renewal, there was a good network match (always a consideration when changing carriers) and the dental plan was improved.

Company Literature

(201) 255-6239

442 Teaneck Rd.,
, New Jersey Ridgefield Park