Containing Medical Costs – Compass Insurance Advisors
  • Estimated reading time: 4 minutes

    Cost Containment Solutions

    Rate increases are driven by demographics, medical inflation, but mostly from claims. We have multiple avenues for containing your claims costs. We have strategies you can use to contain costs, but to a degree, rising healthcare costs can be out of your control. With our employee groups who have taken advantage of our cost containment solutions, we have seen an average of 8% renewal rates. These are strategies that we can implement ASAP for your company, so if your broker is not currently supporting you in these initiatives, give us a call! 

    If we can identify places where your employees are frequently overspending, then we can support you in educating your employees on how to be smarter healthcare consumers which will drastically reduce your claim costs.

    We Can Negotiate and Even Eliminate High Cost Speciality Drugs

    We have high quality prescription partners that can help negotiate and eliminate high cost specialty drugs on the behalf of your employees.

    Implement and Promote a Wellness Program

    If you are using a level funded or self funded plan, it pays dividends to implement and promote a wellness program. Many carriers have wellness programs and incentives that they offer members of their plans. We can also create a custom wellness program to help keep your claims costs down. We track all cost savings to make sure your wellness program is actually providing you a return on your investment.

    Negotiate Large Claims

    We have bill negotiation partners that can help negotiate large claims. This has the potential to save your employees money on their out of pocket costs and your company on renewal rates. Similarly This tool is important for companies that are self funded and will be paying for the claim out of the company’s premium pool. 

    Group Compliance

    Where do you turn when you have a compliance question or need a resource quickly? Our agents have access to numerous resources including a wide range of HR form and model notices on topics such as FMLA, COBRA, HIPAA, health care reform and more.

    The number of DOL audits has been increasing, and we have the resources to ensure that you’re in compliance with DOL regulations. 

    Seventy-nine percent of agency-initiated investigations found DOL violations. We have the information you need to determine whether you are in compliance and how to make any necessary updates. 

    If you are audited, our DOL Audit Guide will walk you through the steps of a DOL audit. We will also provide you with a checklist of commonly requested items to help the audit go as smoothly as possible. 

    When working with one of our agents, the resources will have available to you include:

    Employer Education

    We use a variety of easy-to-understand educational resources to not only learn more about DOL audits but also assess your organization’s compliance

    Compliance Overviews

    Over the past few years, the DOL has ramped up it’s enforcement of federal laws. We have attorney-created resources to help you learn about your compliance obligations and make sure you are following the DOL’s rules.

    DOL Audit Guide: Employee Benefits Plans 

    Prepare for a DOL audit of your health plan with this comprehensive guide that explains why certain health plans are selected for audit, provides tips for preparing for (and avoiding) an audit, and describes what is typically required of an employer during a health plan audit. 

    Preparing for a DOL Health Plan Audit Presentation

    Learn about DOL health plan audits with this presentation. This will provide a general overview of DOL audits, as well as tips for preparing an audit. 

    Required Workplace Posters Series

    This series provides information regarding the posters that employers in various states are required to display.

    Want Lower Medical Costs

    Bonus Tip – Choosing an Agent

    The Compass Difference

    We are NOT:

    A small mom and pop shop: We have over 300 individual agents who are all well educated and ready to find a solution for your needs. 

    A quoting factory: We provide our clients with service all year round. Our agents do not just write a policy but then only come around once a year at renewal time. We have cost containment strategies that can be implemented throughout the year. With this strategy we stay actively involved to make sure your benefit administration runs as smoothly as possible.

    A shady seller: We don’t spend most of our time on a golf course or delay returning telephone calls and emails. Our agents are available to you and directly to your employees when they have questions about their coverage.

    Who We Are:

    We are a full service brokerage with an experienced support staff. Our advisors will guide you through the entire process of implementing the best benefits program. We provide hands-on support during enrollment and implementation, and on-going client support. We also will provide your employees with personal links to schedule 10-15 minute phone calls directly with your advisor. Through our efforts we will take on as much of the customer service as possible – we consider ourselves as an extension of your HR team.

    https://insurewithcompass.com/blog/2021/03/09/health-insurance-basics/
    https://insurewithcompass.com/blog/2021/03/09/enhancing-your-health-insurance-coverage/
    https://insurewithcompass.com/blog/2021/03/09/health-insurance-basics/
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