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Benefit Advisory Services

Compass Benefit Group, Ltd.
Employee Benefit Services

Services Provided:

i.    Initial Meeting – Strategic Plan Review
Employee Benefit Program Objective Setting

  • Complete overview of employee benefit program
  • Develop short term goals
  • Discuss long term planning

Bench-marking Relative to Peer Groups

  • Utilize industry standard surveys, trend data, and other major insurance company data
  • Review of all plans vs. other employers of similar size, by region, and by industry group

ii.    Plan Management
Review Plan Design of all Benefits

  • Medical, dental, vision, life, AD&D, disability
  • Voluntary benefits
  • Flexible spending account

Analyze Plan Costs and Trends (alternative funding)

  • Regularly review claims reports
  • Funding alternatives analysis

iii.    Renewal Negotiation and Analysis
Pre-Renewal Meeting

  • Establish renewal and marketing objectives
  • Update on market trends
  • Renewal trend projections

Renewal Meeting

  • Present negotiated renewal or market study results
  • Communicate plan design changes to employees
  • Review renewal objectives / evaluation criteria
  • Model employee contribution scenarios
  • Finalize renewal decisions to carriers

iv.    Legislative Assistance
Legislative Compliance and Administrative Assistance

  • Assistance with Federal Healthcare Reform Law, HIPAA, ERISA, COBRA, FMLA, and other compliance issues
  • Summary plan description (SPD)
  • Contract verification and review

v.    Dedicated Account Manager / Client Advocate

Assistance with Vendor Relationships

  • Assistance with billing or claim issues
  • Advocate for improved service levels
  • HR Workplace – Dedicated HR professional assigned to each customer

vi.    Employee Communication and Education
Distribution of Summary of Benefits and Coverage (SBC)

  • Employee benefit booklet
  • Carrier contact cards

vii.    Additional Services Menu
“Customized Individual Group Ancillary Benefit Certificate”

  • HR Handbook  review and development
  • Hidden paychecks
  • Printing and binding of employee benefit booklet

viii.    Retirement Plan Consulting
Plan Review

  • Analyze total plan expenses
  • Recommend plan enhancements
  • Review operational and service issues
  • Annual plan review

Market Review

  • Conduct marketing / Review and analyze proposals
  • Assist with finalist interviews

Conversion and Implementation

  • Orchestrate transfer of assets and plan records
  • Assist with employee communication and enrollment process
  • Review plan document

Investment Services

  • Analyze investment options for diversification
  • Review investment fund expenses
  • Develop and/or monitor an Investment Policy Statement

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