Employee Benefit Guidance & Compliance Solutions

Human Resources

Decoding Group Healthcare Costs: What Are You Paying For?

Posted by on April 23, 2024 in Human Resources

Navigating the labyrinth of group healthcare costs can be as daunting as it is crucial. For businesses, providing healthcare benefits is a significant investment, but what exactly are you paying for? Let’s demystify the components of group healthcare costs, offering a clearer perspective for business owners and HR professionals alike. The Anatomy of Group Healthcare Costs Understanding the breakdown of healthcare costs can empower you to make informed decisions and potentially identify areas where savings can be achieved. Here’s what makes up the bulk of your group healthcare plan expenses: 1. Premiums: The Core Expense Premiums are the most apparent cost associated with healthcare plans. They are payments made to insurance companies to cover the cost of health benefits for employees. Premiums can vary widely depending on the plan’s coverage level, the insurer, and the demographic makeup of your employee group. 2. Deductibles: The Initial Outlay Deductibles are the...

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How Should Employers Evaluate Their Employee Health Benefits Broker?

Posted by on March 26, 2024 in Human Resources

When evaluating the role of your health benefits broker in assisting with employer group health insurance, consider asking the following questions to ensure they are effectively supporting your organization’s needs: Expertise and Guidance: Does your broker provide clear, informed guidance on the various health insurance options available? Are they up-to-date with the latest market trends and regulations Assessment of Needs: Is your broker diligent in assessing your company’s specific health insurance needs and budgetary constraints? Do they tailor their recommendations to align with your organization’s goals and workforce requirements? Plan Comparison and Selection: Does your broker present a comprehensive comparison of different health insurance plans? Do they explain the benefits, costs, and features of each option to help you make an informed decision? Enrollment Process: Does your broker facilitate a smooth enrollment process? Are they proactive in ensuring that your employees understand their benefits and are enrolled correctly in...

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Five Reasons Why Every Group Healthcare Plan Should Incorporate Mental Health Options

Posted by on May 19, 2023 in Human Resources

As an employer, are you paying attention to what is stressing out your employees? Mental health options are an integral part of overall health and well-being, yet often go unrecognized or neglected in many group health care plans. Many employers offer physical health benefits that cover doctor visits, prescriptions, and other preventative services but often overlook the importance of mental health care. This oversight can have serious consequences for both employees and businesses alike, leading to increased stress and decreased productivity. A recent survey of over 1,000 employees by JobSage, an employee transparency platform revealed the following disturbing statistics: 41% of Americans are considering quitting their jobs. 67% of employees say they are stressed by their jobs (compared to 54% in 2022). 55% of employees say they are anxious because of job aspects (compared to 36% in 2022). Fortunately, there are several ways employers can incorporate mental health options...

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Is it Time for Employers to Consider Reference Based Pricing Health Plans?

Posted by on March 1, 2023 in Human Resources

It is no secret that overall, healthcare costs are rising, in a climate where employees are looking for more and more from their benefits offerings. For employers it is a constant challenge to provide a robust package that will help with the goal of attraction and retention of talent, while also trying to control costs. Reference based pricing health plans have become increasingly popular in recent years as employers look for ways to contain those rising healthcare costs. Reference based pricing is a type of health plan that sets a maximum allowable fee for certain procedures, tests, and services. While this can indeed be an effective way to control costs, there are pros and cons to consider before deciding if it’s the right choice for your company. PROS   Cost Control. The primary benefit of reference-based pricing is that it helps employers control healthcare costs. By placing a limit...

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Healthcare Renewal is a Great Time for a 360 Degree Review

Posted by on October 31, 2022 in Human Resources

January is a big month for healthcare renewal and a perfect time to start reviewing your broker relationship. A strong broker / client relationship should be collaborative, a true partnership. At PF Compass we see ourselves as your business advisor and partner – not just a broker! Before you meet with your current broker it is wise to do a full 360-degree review of your current relationship. Asking your key stakeholder for feedback is vital. It shows that you care and that you place employee well-being and your client’s success high on your priority list. Here are some key questions you should be asking. Employers   Is our broker earning the fees we are paying them? Do I have unnecessary “add on” costs? How often do I hear from them? How creative are they in providing options and alternatives to control cost without unnecessary disruption for our employees? How...

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Insurance Companies to Cover at Home COVID Tests – 8 Key Questions Answered

Posted by on January 17, 2022 in Human Resources

At home COVID tests just became more accessible and affordable. On Jan 10th the Biden Administration released a directive that health insurers and group health plans cover the cost of FDA-authorized or approved over the counter at-home COVID-19 tests purchased on or after Jan 15th. The goal is to remove financial barriers and expand access to COVID-19 testing for million of people. As with any new initiatives or directives, information evolves quickly and often creates questions and confusion. Here are some of the key questions and answers for employers and employees: Who is eligible?Anyone with private, employer sponsored, or student health commercial insurance is eligible for reimbursement. What is covered?Up to eight (8) OTC COVID-19 diagnostic antigen rapid home tests per 30-day period for each person covered under your plan. Each test is counted separately so a kit that includes two tests you are covered for up to four...

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