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