Benefits Consulting Services
We bring a thorough knowledge of best industry practices, government regulation and real-world practicalities to create comprehensive, flexible and cost-effective benefit plan designs to fit your needs. Our hands on approach allows us to assist with all aspects of program management and our client-centered focus gives us the ability to handle it all with you and for you.
MMA helps improve your organization’s bottom line by using our cutting edge tools, proven process and the experience of our industry-leading staff to ensure that your benefit plans are cost efficient, effective and give your employees the coverage they need.
- Goals Based Analysis
- In every consulting engagement, we start by understanding your business goals and do an in-depth analysis, including benefits strategies and compensation structure.
- With the goals of your organization understood, our strategy is align innovative solutions that will help your business overcome obstacles and deliver outcomes
- Benchmarking and Custom Surveys
- Our firm provides comprehensive reviews of your employee benefits and communication.
- Benchmarking these against competitors and industry standards, we design creative benefits strategies, giving careful attention to employee motivation, financial incentive, and the strength of your business presence in the marketplace.
- Data Analytics
- MMA’s Data Analytic services capture and warehouse three years of medical, pharmacy, biometric and eligibility data.
- Our team of experienced medical directors, data analysts and wellness professional mine this data looking for risk mitigation opportunities.
- Through this process we enable our clients to mitigate the risks specific to their population; a major cost driver for not only direct medical costs but also the indirect costs associated with loss of productivity, unplanned absenteeism and presenteeism.
- Benefit Suite Design
- As innovators in the insurance marketplace, we design benefit platforms tailored to specific organizations, helping ensure they offer competitive, comprehensive solutions to each business unit.
- Solution Selection and Implementation
- MMA offers an independent perspective to help clients effectively select insurance carriers and the right enrollment & administration system to meet their unique needs.
Competitive employee benefits packages are essential for attracting and retaining quality employees, but continuing to offer them can be tough with the rising cost of health care squeezing an already tight budget. Cutting benefits may seem like a necessary reality for some companies, but could have serious long-term consequences.
Retaining employees throughout these rocky economic times is vital so that your company remains competitive and positioned favorably in its industry. By implementing a strategic benefit plan, an employer will find ways to contain or even cut costs while still offering competitive benefits.
A strategic benefit plan is a three-to-five-year plan that outlines goals, strategies and action plans for your employee benefits program. In creating the plan, MMA will work with you to strategically analyze ways to contain costs through various plan improvements. This approach is a methodical and logical long-term approach to benefit planning, as opposed to making decisions year to year, and will provide a well-thought-out road map for your future benefits.
At the company level, creating a strategic benefit plan will help greatly with internal budget planning and can also be incorporated into your corporate strategic plan. This will bring HR and employee benefits into larger strategic conversations and ensure that a competitive benefits package continues to be available.
In today’s changing environment, employers need creative programs and solutions to help control rising health care costs. However, before programs and solutions can be implemented, organizations need to first understand their current and future risk exposures. At Marsh & McLennan Agency, our actuarial team partners with clients to identify risk, measure potential financial exposures, and offers long-term strategies to allow for a sustainable health plan.
Measure Cost and Identify Risk
Working directly with you, our dedicated actuarial team will utilize their expertise and experience to measure expected cost impacts and identify possible risk exposures to your benefit programs. Leveraging our proprietary actuarial models, our knowledgeable professionals will assess the risk/reward trade off around plan designs, population health management approaches, and contribution strategies.
MMA is uniquely positioned to offer employers the insight into their specific medical drivers – both from a utilization and unit cost basis. Through our focused approach, advanced modeling and decision tools, we offer employers the solutions, programs, and strategies necessary to protect their capital and improve the financial performance of their organization.
Through a focused approach our professionals will work with you to solve the complex issues and find the right way to manage your risk:
- Identify: opportunities to reduce cost, lower risk, and increase efficiency
- Highlight: new and emerging risk
- Measure: the financial impact to your benefit programs
- Design: benefit programs, strategies, and approaches to improve the financial performance of your business
Our experience with both fully insured and self insured plans, ranging from small employers to Fortune 500 companies, allows us to better understand your needs and to provide creative solutions that fit your unique situation.
As your employee and risk profile changes, we offer custom solutions and models that will allow you to innovate, adapt, and set strategies to plan for those risk changes. The goal is to help the client better understand their risk, evaluate alternatives, and in the end, reach the best fact based decisions with the data and analysis to back them up.
MMA’s risk management services and solutions, tied with an actuarial certification, offers clients peace of mind that they have the professional insight necessary to protect and advance their business strategies.
- Actuarial Relative Values
- Premium Equivalent Rates
- Independent Evaluation of Carrier & TPA Network Cost Structure
- Benefit Decrements Analysis
- Incurred But Not Reported (IBNR) Claim Reserves
- Mental Health Parity Testing
- Medicare Part D Creditable Coverage Testing
- Employer Member Risk Profile
- Independent Claim Review
- Predictive Modeling
- Cost Projections
- Vendor Renewal and Plan Experience Analysis
- Cost Containment Studies
Human Resource Consulting
- We provide specialized HR consulting, focusing on
- Benefits Administration
- Technology Improvement
- Ease of Administration
- Terminations & New Hires
- Legal Compliance (ACA and more)
- Private Practice Management
- Financing and Launching your business
- Employee Recruitment and Retention
- Protecting your business
- Key Employees
- Overhead Expenses
- Business Loan Protection
- Business valuations
- Benefits Introduction for new physicians
- Exit Strategies for departing physicians
Compliance & Legislation
Maintaining health and welfare plan compliance can be challenging for any business. At Marsh & McLennan Agency, we stay abreast of regulations and compliance requirements to ensure are clients are protected.
Because of our unique and close partnership with retained legal counsel, and our own due diligence, MMA clients get the information they need to stay compliant in the changing world of employee benefits.
You have questions, we have answers.
MMA is unique in our ability to provide clients with timely and accurate responses to questions. Whether the question is specific to the ACA or general employment law, the MMA team is equipped to answer your questions.
Leveraging the resources, knowledge and expertise of the MMA national presence and our compliance partners, MMA is able to offer clients hands on support that enables them to understand and easily implement compliance standards that work.
Resources and Support:
- Timely and easy to digest legislative guidance
- Ongoing compliance education on the issues that impact your daily business
- Intervention when compliance and legal situations arise
- Virtual and live educational events
- Broad resource library
- Access to ERISA attorney
Employers today have a myriad of choices for their medical benefits. At MMA, we have extensive experience working with HMOs and PPOs, POS plans, value plans and limited medical plans. We utilize our knowledge and actuarial expertise to make sure our clients are purchasing the product and plan design that will provide the best value for their money. We have strong, deep relationships with all the major carriers in the marketplace.
In addition to traditional plans, at MMA we utilize our expertise to be innovative with the latest consumer directed approaches. While we provide an overview of some of these approaches, we have also developed easy to read materials that help employers compare and understand these different options.
- Updated designs for self-insured plans – including specialized options for small groups
- Shared risk through captive insurance
- Narrow networking
- Steerage for healthcare organizations
Proprietary Life & Disability Programs
- Group disability benefits often exhibit gaps in temporary coverage that can be supplemented with a voluntary or employer-paid short-term disability policy.
- In the event an employee suffers a disability, they may temporarily, or permanently, find themselves in the zero-income scenario, unable to return to work in the same capacity. We offer supplemental coverage at a substantially discounted rate, giving employees greater coverage and the security that their income is protected, were they to become disabled.
- As an additional benefit to your employees, our proprietary programs cover accidents that occur during work and outside of work.
Employees continue to value dental benefits as an important part of an overall benefit program. At MMA, we work with a large number of dental carriers, both for employer paid and voluntary dental plans.
While dental plans seem straight forward, there are many aspects to these plans that can dramatically change the value of one option compared to another. Examples include the benefit level which different procedures are reimbursed, pre-existing rules, exclusions within the plan, and how preventive care is defined.
With the increased cost sharing for employees in today’s medical plans, voluntary benefits are playing an increasingly important role. MMA is unique in the marketplace by having access to group products (versus the standard individual policies), this allows our clients to offer their employee population the best contract terms and prices.
Voluntary benefits should not be presented to employees by individuals who are paid on a commission basis from the insurance company. Employees need customized communications that clearly present their choices, items to consider when making decisions, and have access to resources and people who can answer their questions with their best interests in mind. MMA’s communication tools help employees understand the products and services available to them so that they appreciate the value of the program.
It is very important that the voluntary products offered to employees have the same level of scrutiny as those core benefits paid for by the employer and complement the current benefit offerings. When implemented thoughtfully and strategically, the voluntary products give employees access to benefits that add value and do so at the best contract terms and prices.