| A major component of compensation beyond salary
involves the benefits plans offered to employees. The cost of maintaining a comprehensive
program of medical, disability, dental and death benefit protection has become a larger
part of the total compensation package since the prices for these coverages have risen
sharply during the last decade. This increase is expected to continue to rise into the
future.
General plan design is an important element of cost-containment. Levels of
coverage, deductibles, co-pays, benefit maximums, Indemnity Plans, Managed Care Plans,
networks, Health Maintenance Organization Plans (HMO), Point of Service Plans (POS),
Preferred Provider Organizations Plans (PPO), etc. FSIA’s staff can assist the bank
in matching all of these and other elements of plan design with the needs of the employees
and the costs of such design to employers and employees alike.
For insured programs, the
carrier's rates, reserves and retentions should be examined each year. They are open to
review and to negotiation. FSIA's staff can assist in checking premium rates, retentions
and reserves held by the insurance company to measure their appropriateness. In addition,
we provide an orderly annual review of experience under the program, evaluating the
insurance companies’ claims administration and financial underwriting performance.
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