By far, medical insurance is the most challenging Employer cost. It is more challenging even than salaries, because the salary increase or decrease is completely controlled and managed by the Employer. Depending on the funding structure established for the medical plans, it has become measurably more difficult to know the true ultimate cost, often times not until you are well into the plan year. This makes budgeting more difficult than it has been in the past.
RPO Group regularly evaluates the different plan design options to see which would make the most sense for “your” company and meets with “your” objectives. We negotiate on your behalf……and many times with you….with all the major insurance companies. One of the main considerations which we help you determine is if your company should be “fully” insured, or participate in various levels of “self-insurance”.
Once this is decided, and if appropriate, we can present your group to many different stop loss companies…..both Specific and Aggregate Contracts. Equally important these days is to evaluate your Prescription Plan Agreements. The cost of providing drug coverage has seen the most significant cost accelerations of any other component of Medical Plans. We work towards tightening up the contract language in your favor, maximizing plan rebates for you, and consult with you as to the various cost saving plan design structures for you to consider, while keeping the impact to your Employee base in mind.