Why FEBCO?
FEBCO, Inc. Works for Individuals and Employees
As an organization, we have a culture that is committed to quality. Our customers, over 20,000 employees and growing, have given us a 92-97% client satisfaction rating. This evidence shows that in Kentucky, FEBCO is a leading third-party benefits administrator.
FEBCO, Inc., provides the following plan benefits for employees:
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Basic and Voluntary Life
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Dental
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Disability/Cancer
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Flexible Spending Accounts
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Managed Prescription Program
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Multiple Option Medical Program
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Retirement Planning
(Retirement planning includes various vehicles such as annual funds and tax shelter annuities.) - Identity Theft
- Long-Term Care
- Health Savings Account plans
A feature well-liked by many of FEBCO's customers is access to individual account balances online.
FEBCO, Inc. Works for Administrators
Benefit information is not just desired, but is now critical to cost-effective benefit management. The information requirements resulting from government activities such as health care financing administration, financial accounting standards board statement No. 106 requirements and others have completely changed the requirements of administrating a comprehensive human resource system benefits
Without altering the autonomy of any division or operating unit, each of these units must now be an integrated part of the total corporate information structure to respond to overall information requirements.
FEBCO, Inc. systems respond to this challenge by redesigning the data flow, capturing the needed data at the employee level on its most basic form using electronic enrollment. Then restating the raw data into meaningful information available to corporate management or external requesters.
Flexible Benefit Administration
Flexible benefit plans reduce total benefit cost while providing more choices to participants. However, the administrative impact can be significant. FEBCO, Inc., systems offer a manageable solution to this complex problem by providing easy service through interface to our database. Annual election forms can list all enrolled benefits. The election process confirms the participant's elections and mailing address for reporting to all vendors. The regular electronic data enrollment interchange simplifies the enrollment process for each employee as well as for each vendor and eliminates the additional burdens normally created by annual elections.
Accounting Control
FEBCO, Inc., provides automated benefit tracking and reporting which provides a complete audit trail and an immediate accounting of each discrete element of an employee's benefits package. This capability extends to any data element including department, division, location, etc. The value of this feature is the availability of immediate allocation and analysis on any predetermined basis.
Carrier Control
The transfer of maintenance of the benefits to FEBCO, Inc., shifts the control from the companies to the client/participant. Changing benefit elections or changing carriers is accomplished when FEBCO, Inc., reroutes the electronic data from the old vendor to the new one. There is no complicated paper work for the administration or personnel to complete..
Customized Programs
Each FEBCO, Inc., package is custom planned, client directed program. Each program is developed around the unique needs, requirements, and challenges of the employee population. Some of the services that can be supplied include:
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Electronic Renewal Data for Vendors
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Complete Management System
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Complete Data Listing for Proposal
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Requests
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Form 5500 Preparation
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Payment to Vendors
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Flexible Benefits Management
Tools for Benefits Planning
FEBCO, Inc., uses different vehicles to provide the client with the best benefits package possible for the group.
- Section 125 Plan Administration
- Qualified Tuition Reimbursement Accounts
- Qualified Tuition Reimbursement Accounts
- Section 403b Plan Administration
- Single Source Billing System
- Employee Benefit Awareness
- Benefits Statements
- Benefits Review
- Flexible Spending Accounts
- Health Care FSA
- Dependent Care FSA
- Limited FSA Accounts
- Section 457 Plan Administration
The Benefits of Multiple Vendors
FEBCO, Inc., can track benefits from several different companies (or vendors) and is not limited to providing benefits from only one company. By facilitating the use of multiple benefit vendors, FEBCO, Inc., can maximize the cost effectiveness and corporate worth of the benefits function for the entire organization by offering various benefits from different vendors. FEBCO, Inc., also serves as the administrative support without creating additional work for the local benefits administrative staff. This can result in lower expense charges and control of the direct administrative cost at the field location.
HRA Plan Administration
HSA Plan Administration
Payroll deduction services for reconciliation and remittance
of multi-product, multi-vendor, insurance and annuity.