In Conjunction with MassMEDIC, WGA is Satisfied to Introduce:.


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WGA is the biggest autonomous protection representative in New England, with Property & Casualty and Employee Benefits administrations, included numerous forte practices. ...
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In Conjunction with MassMEDIC, WGA is Pleased to Present: Employee Benefit Trends In The Medical Device Industry: An Overview Presented by: Louisa C. Bolick, Senior Vice President William Gallagher Associates Employee Benefits Practice September 19, 2006 WGA Employee Benefits Practice

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WGA & The Medical Device Industry WGA is the biggest autonomous protection agent in New England, with Property & Casualty and Employee Benefits administrations, included numerous claim to fame hones. For more than 23 years, WGA has spent significant time in working with organizations in the Life Sciences, High Technology, and Health Care divisions. WGA works with more than 400 Life Science and Health Care organizations, very nearly 100 of which are Medical Device. While industry does not assume the same part in advantages as it does in different sorts of protection, it is a critical element when outlining an aggressive project. WGA Employee Benefits Practice

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The Medical Device Industry – Companies Discussed Medical Device is so assorted, running from organizations whose essential center is assembling parts to those organizations investigating and creating fresh out of the plastic new advancements. Estimate likewise changes generally, from new businesses to industry "mammoths". Inside the business, advantages can change fundamentally contingent upon size (number of representatives) and their demographics – with demographics driven by kind of work led. For this discourse, the emphasis will be on little to moderate size organizations whose representatives are working basically in examination, advancement, outline, support & showcasing. Keeping in mind the end goal to pull in and keep up these key work force, Medical Device organizations require a solid remuneration project, of which advantages are a huge part. WGA Employee Benefits Practice

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The Medical Device Industry – Standard Plan Offerings The Basics: Medical Dental Basic Life AD&D Short & Long Term Disability Flexible Spending Accounts 401K Retirement Plan (coordinating fluctuates) Paid Sick/Vacation/Personal Time The Extras: Vision Employee Assistance Plans (inc. Work/Life) Business Travel Accident Tuition, Transit, Adoption Assistance Group Voluntary Benefits (Life, AD&D, Vision, Home & Auto, Long Term Care, Pet Insurance, and so on.) WGA Employee Benefits Practice

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The Employee Benefits Market – Health Care Trend Rising human services costs – and how to control them – are close or at the highest priority on everybody\'s rundown of concerns today, and is the # 1 need among advantages specialists*. Social insurance pattern, or swelling, has stayed stuck in the twofold digits throughout the previous quite a long while. Despite the fact that the rate at which pattern is expanding has hindered marginally in the most recent year or somewhere in the vicinity, different industry reviews are evaluating normal pattern to be 11.9% for 2007. It\'s anticipated that human services expenses will keep on rising relentlessly, to a great extent because of the maturing populace and developing interest for better (and all the more unreasonable) administrations, especially in the therapeutic innovation zone – gadgets, testing, medications, and half and half advancements, and so forth. Med Device organizations are intensely mindful of this, from both a general business and also benefits cost point of view. WGA Employee Benefits Practice * Deloitte\'s Top 5 Total Rewards Priorities Survey, 2006

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Employee Benefits Trends – Consumerism is hot - discussing it, not embracing it (in any event not yet). Forrester Research predicts that by 2010 24% of representatives will be enlisted in a CDHP . As a rule, organizations are occupied with buyer driven wellbeing arranges (CDHP) as an approach to contain costs. In Medical Device, the interest is two-fold: notwithstanding cost regulation, there is authentic enthusiasm for the straightforwardness viewpoint and in making workers (and clients) better buyers of human services administrations. In MA, reception of these arrangements in the Med Device area will be continuous, with new businesses and industry goliaths driving the way. In fair size organizations, the pattern will probably get on in the following year or two, with a CDHP as a choice as opposed to a full substitution (Want to begin now? Attempt a Section 105 element, or maybe a HRA). WGA Employee Benefits Practice

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Employee Benefits Trends – Wellness is likewise an exceptionally hot advantages pattern – and Med Device organizations are really making a move. People are attracted to this industry since they need to enhance the wellbeing & personal satisfaction for individuals around the world, however would they say they are dealing with themselves? Med Device organizations are more dedicated than most in advancing wellbeing & health activities. Despite the fact that diminishing expenses over the long haul is plainly useful, most Med Device organizations need to energize solid propensities and worker health since it\'s the proper thing to do. Organizations are making a move – quarterly wellbeing pamphlets, lunch & learn workshops, marked down wellness participations, yearly health fairs, motivating force programs. Exploit what your transporters offer, especially Medical and EAP suppliers. WGA Employee Benefits Practice

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Medical Device in MA – General Benefits Profile Small to medium size Medical Device organizations in MA have an extremely accomplished, very gifted work power. Advantages are a substantial segment of general pay, and desires are high for an exhaustive & liberal bundle. This elevated standard is both local and industry-driven, as advantages in MA have a tendency to be more liberal by and large than in different parts of the nation. Truly, the advantages "spending plan" has been to some degree littler for Med Device than for some of its Life Science partners. Watchful examination and arranging go into each advantages choice. So when MA-based Medical Device organizations advance a "focused" advantages bundle to planned representatives, what does this involve… ? WGA Employee Benefits Practice

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Medical Device in MA – Benefits Benchmarking Medical arrangements have a tendency to be completely safeguarded (self-subsidizing for bigger organizations) and incorporate MA orders. The most well known transporter is, overwhelmingly, BCBS of MA. For organizations whose representatives dwell principally in NE, a HMO arrangement with an "out of zone" PPO is the most well known model. HMO and PPO are additionally offered as a purchase up double alternative, with High/Low PPO arranges picking up in fame (addresses the out of state worker equality issue). The most prominent PPO arrangement in MA is still 100-80, and HMO scope stays at 100%, with no deductible. OV copays stay low by national principles (avg. is $15-$20) Hospital & Outpatient copays (i.e. $250/$500) are presently a standard element of these arrangements, while the most widely recognized Rx copays are $10/$25/$45, 2x for 3 month MOD. Normal boss commitment is between 75-80%. WGA Employee Benefits Practice

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Medical Device in MA – Benefits Benchmarking Dental arranges additionally have a tendency to be completely safeguarded (albeit self-subsidizing has little hazard), and the most mainstream transporter is, again overwhelmingly, Delta Dental. A solitary DPO+ offering is the most well known choice. While beginning, some Med Device organizations run with a more fundamental arrangement and bit by bit move up to incorporate Major Services and a higher advantage most extreme. The most widely recognized Calendar Year Maximum is still $1,000, however this is bit by bit expanding (a modest bunch are even at $2K). Various organizations do offer Orthodontia, essentially for kids just, yet\'s regardless it thought to be an "additional". Manager commitments normally take after Medical, at 75-80%. Remain solitary Vision arrangements are not especially normal in the business. Organizations depend on fundamental Medical transporter scope & rebates, and energize FSA usage. WGA Employee Benefits Practice

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Medical Device in MA – Benefits Benchmarking Life/AD&D advantages are manager paid, normally 1x or 2x compensation (some incorporate an Executive class). Fleeting Disability advantages are normally business paid and are frequently self-subsidized. The most widely recognized advantage is 60% for 13 weeks. The business standard Long Term Disability advantages are likewise 60%, with a 90-day end period and a 2-year own occupation condition (may likewise incorporate an Executive class). Giving representatives the alternative to pay the premium (for duty preferred standpoint) is turning into the standard. Adaptable Spending Accounts are a standard advertising. 401K arrangements are by a long shot the most mainstream retirement advantage. Organizations will regularly begin an arrangement with no match (or an optional one), however slowly work up to a characterized manager match with a vesting plan. WGA Employee Benefits Practice

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Medical Device in MA – Competing with Large Companies How would you contend with those to a great degree thorough advantage arranges that huge organizations give? Don\'t! There might be less assortment, yet less truly can be more. Little things that can have any kind of effect: Don\'t do without a decent EAP and BTA approach – they\'re not excessively costly, and these advantages do make a difference to individuals Do cover Domestic Partners, and understudies to age 25 Don\'t have an advantages holding up period Do offer duty decision LTD, and consider a parental leave strategy Do offer worker paid protection alternatives (Vision, Auto, Pet, and so on.) Don\'t be timid about "offering" your advantages program Do build up a health arrangement, and afterward back it up with customary correspondence and little motivating forces WGA Employee Benefits Practice

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Medical Device Benefits – General Observations Employees are overwhelmingly satisfied* with their occupations, due in substantial part to aggressive wages and alluring advantage bundles. The Medical Device benefits approach in MA is one of mindful liberality. Advantages are certainly aggressive, however they are down to earth, not excessive. Organizations effectively request input from representatives on the advantages programs - what\'s working and what may require change. Med Device organizations are extremely engaged cost control, however not to the detriment of value and dealing with workers. As an industry, there is more enthusiasm for medicinal services cost transpare