401(k) Specialist Issue 1 - 2019 - 16
401(k) BEST PRACTICES
As an example, O'Toole noted that not
every employee in America should save 15
percent in their retirement plan.
" That's a nice story but data doesn't actually
support it. For a lot of Americans that make
under $50,000 a year, they'd be much better
off buying core life insurance to protect their
family, because Social Security is a pretty good
income replacement vehicle for them. "
And integrating these silos of data together
is a great way to discover mistakes.
One (very) large client of the firm
had $27 million per month in claims. In
one month, Innovu was able to uncover
$900,000 in incorrect filings by pinpointing
claims from individuals not covered by
the policy.
" That was $900,000 that probably otherwise
would never have been caught, and can
now be more effectively deployed in other
benefit areas. "
" Pharmacy
coverage is
around
20 percent
of every
health care
dollar. "
The opportunity to identify these issues
and conduct what O'Toole calls " interventions "
would obviously resonate with the
client.
" Pharmacy coverage is around 20 percent
of every health care dollar. Carving out to a
specialty firm can potentially save employers
30 percent of that 20 percent when
compared with keeping it at the incumbent
company, and that equates to big dollars. "
Or, the data might point to a company's
diabetic population that's not consistently
taking their medications, which could be
identified by prescriptions that go unfilled.
If left unaddressed, it could become a catastrophic
claim. Using de-identified information
to comply with privacy laws, programs
can be tailored to get them back on track.
" We also had a larger company with
800 employees take over 2,000 opiates in
a two-year period. If a group like that is in
16
ISSUE 1 2019 | 401kSpecialist.com
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401(k) Specialist Issue 1 - 2019
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2019
Table of Contents
401(k) Specialist Issue 1 - 2019 - Cover1
401(k) Specialist Issue 1 - 2019 - Table of Contents
401(k) Specialist Issue 1 - 2019 - 1
401(k) Specialist Issue 1 - 2019 - 2
401(k) Specialist Issue 1 - 2019 - 3
401(k) Specialist Issue 1 - 2019 - 4
401(k) Specialist Issue 1 - 2019 - 5
401(k) Specialist Issue 1 - 2019 - 6
401(k) Specialist Issue 1 - 2019 - 7
401(k) Specialist Issue 1 - 2019 - 8
401(k) Specialist Issue 1 - 2019 - 9
401(k) Specialist Issue 1 - 2019 - 10
401(k) Specialist Issue 1 - 2019 - 11
401(k) Specialist Issue 1 - 2019 - 12
401(k) Specialist Issue 1 - 2019 - 13
401(k) Specialist Issue 1 - 2019 - 14
401(k) Specialist Issue 1 - 2019 - 15
401(k) Specialist Issue 1 - 2019 - 16
401(k) Specialist Issue 1 - 2019 - 17
401(k) Specialist Issue 1 - 2019 - 18
401(k) Specialist Issue 1 - 2019 - 19
401(k) Specialist Issue 1 - 2019 - 20
401(k) Specialist Issue 1 - 2019 - 21
401(k) Specialist Issue 1 - 2019 - 22
401(k) Specialist Issue 1 - 2019 - 23
401(k) Specialist Issue 1 - 2019 - 24
401(k) Specialist Issue 1 - 2019 - 25
401(k) Specialist Issue 1 - 2019 - 26
401(k) Specialist Issue 1 - 2019 - 27
401(k) Specialist Issue 1 - 2019 - 28
401(k) Specialist Issue 1 - 2019 - 29
401(k) Specialist Issue 1 - 2019 - 30
401(k) Specialist Issue 1 - 2019 - 31
401(k) Specialist Issue 1 - 2019 - 32
401(k) Specialist Issue 1 - 2019 - 33
401(k) Specialist Issue 1 - 2019 - 34
401(k) Specialist Issue 1 - 2019 - 35
401(k) Specialist Issue 1 - 2019 - 36
401(k) Specialist Issue 1 - 2019 - 37
401(k) Specialist Issue 1 - 2019 - 38
401(k) Specialist Issue 1 - 2019 - 39
401(k) Specialist Issue 1 - 2019 - 40
401(k) Specialist Issue 1 - 2019 - 41
401(k) Specialist Issue 1 - 2019 - 42
401(k) Specialist Issue 1 - 2019 - 43
401(k) Specialist Issue 1 - 2019 - 44
401(k) Specialist Issue 1 - 2019 - Cover3
401(k) Specialist Issue 1 - 2019 - Cover4
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