Issues Facing Public Sector Entities
Segal can help public sector employers with a variety of problems and challenges that arise in the course of managing benefit plans.
- Health care costs are going up, making it more expensive to provide health coverage for your employees
- You’re having trouble supporting health benefits for retirees
- Administrative costs are eating up a large chunk of your budget
- You're getting low returns on your investments
- You're not sure how new legislation and regulations affect your benefit plans
Issue: Health care costs are going up, making it more expensive to provide health coverage for your employees
Have you considered...
- Reevaluating your plan design
- Negotiating discounts from and monitoring pharmacy benefit managers (PBMs) and other vendors
- Negotiating with your insurance carrier regarding your plan rates and contractual arrangements
- A consumer-driven health plan, which encourages employees to make smart choices about how they use their benefits
- Identifying which conditions and employee groups are responsible for the bulk of your claims, and using a disease management system to improve this group's health and reduce claims
Related Segal Resources:
- Innovative Plan Design Strategy and Analysis
- Consumer-Driven Health Plans
- Total Health Management
- Vendor Competitive Bidding and Renewal Negotiations
Issue: You’re having trouble supporting health benefits for retirees
Have you considered...
- Developing plan designs that include multiple options for medical coverage with different premium rates for retirees
- A retiree health VEBA, which is a trust that is established to provide tax-free retiree health benefits to current and/or future retirees
- Reviewing and revising eligibility rules
- Developing new ways to coordinate coverage with Medicare, including a supplemental approach
- Encouraging retirees to become better health care consumers
Related Segal resources:
- Innovative Plan Design Strategy and Analysis
- Retiree Health
- Retiree Health VEBAs
- Total Health Management
Issue: Administrative costs are eating up a large chunk of your budget
Have you considered...
- Searching for a third-party administrator or reevaluating the one you currently have
- Holding seminars, distributing materials, or creating a website to educate employees about their benefits and reduce individual information requests
Related Segal resources:
Issue: You're getting low returns on your investments
Have you considered...
- Reexamining your investment strategy
- Searching for a new investment manager
- Launching an investment education campaign for employees if you have employee-directed investment accounts
Related Segal resources:
- Developing Asset Allocation and Investment Strategies*
- Selecting Investment Managers*
- Employee Communications
*These services are provided by Segal Advisors, The Segal Company's SEC-registered investment consulting affiliate
Issue: You're not sure how new legislation and regulations affect your benefit plans
Have you considered...
- Conducting a compliance review to make sure you are in compliance with the law
- Consulting Segal's compliance publications: Capital Checkup and Compliance Alert
- Subscribing to Segal's publications for public sector employers to get updates on the impact of new legislation and regulations
Related Segal Resources