Employee Benefits

“Our needs are complex…we have international employees…when it came to planning and designing our medical, life and disability insurance strategies…Mark was able to THINK OUTSIDE THE BOX and develop solutions that add value to our organization.”

-Fred Curley, VP Human Resources, Service Credit Union, NH

Choosing the right employee benefit planning programs for your company can be intimidating. There are myriad program offerings available - as well as dozens of regional and national providers. The process of researching carriers, reviewing RFPs, interviewing prospects, analyzing provider credentials and ultimately implementing a comprehensive program is extremely arduous and labor-intensive.

Of course, that's only the beginning; once the plan takes effect, it requires constant monitoring and management. In fact, to ensure optimal performance, insurance plan administration is best considered a full-time job unto itself.

Chances are that's a personal commitment you simply can't afford to make. And even if you found the time, how confident would you be that the selected employee benefit program best fit your company's goals? Or that the agreed-upon rates and terms represent the best available? With concerns like these, it's no wonder many companies turn to Merrimack for their employee benefit planning needs.

We provide a comprehensive range of employee benefit and key executive insurance programs and services, including:

Health Reimbursement Arrangements (HRAs)
In this economy, every element of the bottom line must be addressed. With health care premiums continuing to rise at double-digit rates, many employers have been forced to reduce benefits, shift more cost to employees or drop coverage entirely. Less than two-thirds of all employers now offer health insurance to their employees. The marketplace is ready for increased consumer accountability, and the popularity of HRA plans is growing fast as the premier cost reduction and containment strategy available to small to medium sized business organizations throughout the United States!

What does an HRA do?
In their most common construction, HRAs are linked with high-deductible health plans that include preventive care not charged against the health plan deductible and access to information tools that help consumers make informed decisions.

Many employers can achieve premium cost reductions of 25% to as much as 45% by utilizing these health care platforms.

If you own a home you realize that opting for a high deductible insurance plan can save you hundreds of dollars per year as long as you are financially able to meet the deductible in case a disaster strikes.

Can the same tactic work in providing health benefits for your employees? Many small and mid-sized businesses are implementing HRAs as their health care cost containment strategy. They are purchasing high deductible, fully insured Group Medical plans and using a part of the premium savings to pay their employee's health care costs through the HRA program up to the full deductible limit if needed. This cost containment health care strategy provides an opportunity for a business to keep part of the profits that health care insurance company's make in providing health insurance programs throughout the country!

Why The Merrimack
Employers have enough on their minds. With Employee Benefits, Retirement plans, wealth management and financial planning services The Merrimack makes it our business to know every option and ensure our client is obtaining the best financial solutions, and, the best financial strategies, in today's turbulent financial climate.

With larger firms, employers and their concerns are often treated like cogs in a wheel. The Merrimack is different. We get to know you, your needs, your business, working to make sure you're well taken care of.

Find out now about the kinds of savings you could achieve as you help your companies find new power in their health care solutions. markk@merrimackgroup.com  978.975.4040  978.975.4040 x202

Business and Individual Insurance
Financial Planning
Creative Retirement Planning
How Health Reimbursement Arrangements Work

As an example an employer may implement a $3,000 deductible program from a health care carrier. The company may agree to self-insure up to a certain level of these deductible expenses. The employees may be responsible to pay a certain part of the plan deductible costs after which the health care plan pays all of the remaining costs in case of a catastrophic illness.