Navigating Healthcare Coverage

Navigating healthcare coverage can be confusing and frustrating. Every time there's a new regulation, it makes the healthcare system that more complicated. Josh Meyer and Jennifer Schuster from Segal Benz Communications are back for their final installment and share some ways that multiemployer plans customize communication to simplify navigating healthcare coverage for their participants. 

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Narrator  00:02

This is The World of Multiemployer Benefit Funds with Traci Dority-Shanklin. We believe in demystifying retirement solutions, upholding retiree dignity and contributing to economic stability through union organizing, pension reform and legislative activism. In short, we're devoted to busting myths about the labor movement. If you're interested in the enduring power of labor, well, you've landed in the right place, experts and activists will share their insights, expertise, and stories. Time is short. So, let's get started.

Traci Shanklin 00:36

Hi, we are back with the final part of my conversation with Josh Meyer and Jennifer Schuster from Segal Benz Communication. Josh is a vice president at Segal Benz Communication. He counsels clients on the benefit of communication using a broad array of media and works nationally with many multiemployer clients. Jennifer is also a vice president and senior communications consultant. She specializes in innovating social and mobile media to connect with employees. Segal Benz Communications is a subsidiary of Segal that provides various consulting services, including actuarial, health benefits, Human Resources, investment, fiduciary insurance, communication, and technology to a predominantly multiemployer client base. They have more than 25 offices throughout the US and Canada. All bound together by the shared mission of providing trusted advice that improves lives. Segal Benz Communications work with multiemployer plan sponsors to enhance the communication and delivery of financial tools, so all multiemployer fund participants can be on a path to financial wellbeing. 

Traci Shanklin 01:52

We are rejoining the conversation as we pivot our discussion to healthcare communication. In this episode, we will discuss how multiemployer plans are using customized communication to simplify navigating healthcare coverage for participants. I hope you will enjoy the show. And if you like it, please give us a five-star review, and subscribe to us on your favorite podcast listening platform. Okay, let's rejoin the conversation with Josh and Jennifer. It’s never too soon or too late to start saving for the bigger picture, whatever that bigger picture is. To your point, living in the now is a really important part of financial wellbeing. If you're worried about a dental emergency, if you're worried about that, that's going to send your emotional wellbeing into a different place as well. So, the stress that financial stability creates is such an important, I think just an important piece of our entire wellbeing. It goes into the whole picture, which is a way in which I'm going to just pivot a little bit to talking a little bit more about healthcare. I have a personal experience of navigating healthcare coverage related to mental health issues, so it's no easy feat. Some of the services for mental health fall under your medical coverage, while others fall under a supplemental insurance for mental coverage. And it's really confusing and frustrating. Is Segal working with healthcare providers to improve how they communicate benefits and/or how to navigate coverage? Because I have a very difficult time finding my pathway through it.

Jennifer Schuster 03:41

It's such a great question Traci. And it's one of the things that we do on a daily basis is think about this. And whether it is a covered teenager who might have be struggling with depression or substance abuse or folks who might need to talk to a counselor about something really difficult to your point to navigate all of the different resources that are available to you. Our healthcare plan vendors are providing their resources. A lot of our clients offer like a standalone employee assistance program that they can get resources through. The unions may be offering different resources to folks. And so again, it's really our job to connect people with what they need, which you know, everybody's needs need might be a little bit different. And so, one of the things that we're doing with a bunch of our clients right now is really kind of asking ourselves -- not “Oh, what's the resource? What is the app?” It's “what's the issue?”

Jennifer Schuster 04:37

So, let's say for example, “I need to connect with somebody who can help me with my drinking problem,” let's say okay? Because we know that that folks are really struggling with substance abuse and depression right now. So, what I say to my members when I'm creating content, is I attack the question and the problem that I'm trying to address and say, “Okay, Jen, if you're having this issue, start here,” and connect them to the resource that really where they can get started to access these benefits. So that would be something I recommend to any plan sponsor, or folks who are creating content for their participants is don't just think about, “Oh, we have Kaiser over here and they offer all these resources.” Make it about our participant is suffering from depression. Somebody's got a substance abuse. Somebody is needing to get help with caring for their elderly parent, you know, all these different range of issues that folks might be experiencing, that we have benefits and resources to support them through that. So, start with what the problem is, and then map out what the resources are to help with that specific problem.

Josh Meyer 05:49

Traci, you're definitely not alone with being confused on these issues. Every time there's a new regulation, it makes the healthcare system that much more complicated. And that's work. So, we're always trying to figure out how to cut through all the clutter, and help people to get where they need to go to help with whatever the problem is, whether it's mental health, or they need, they have an urgent care situation. They have to go for care, after hours, helping people understand the best places to go to get whatever they need fixed, and navigating the complicated system and then having their benefits cover their emergency or their need. 

Traci Shanklin 06:28

Yeah.

Josh Meyer 06:29

Best way.

Traci Shanklin  06:30

Yeah, you guys mentioned the personalized experience. And I had another conversation about mental health. I've done a couple on mental health because it's because of just my personal connection to it. But one of the things I'm just wondering, do multiemployer plans offer -- or have they ever considered offering individual consultants to participants that, that help or coach or guide them on advocating for themselves or their children or navigating a healthcare crisis?

Josh Meyer 07:05

That's, to me, one of the things that I really like about working with multiemployer benefit funds is they're really looking out for helping their participants navigate their benefits, appreciate their benefits, understand their benefits. And they -- there's people in the fund office, if you have a question, whether it's understanding a bill you got or trying to figure out where to go for care, the people in the fund offices are often can help them and they'll help them advocate and they can call the insurance company and talk with them then advocate on behalf of the participants. They often have a client that has a nurse on staff to help people with questions around different programs, specifically around diabetes a lot. But they also help with lower back issues and their pain management and can help people understand and tailor and special programs that they run for participants and then that the fund office themselves run, but then they also point them toward the programs being run through their administrators. So, I think funds do try to help as much as they can, because they're coming that you know, they're trustees, half of them are union half of them are employers, but they're all trying to take care of these. And so, the fund office with that mission coming from the labor movement is really does some advocacy work for participants.

Traci Shanklin  08:30

I guess the question is who's going to bear the cost? One of the things about multiemployer plans that I think is misrepresented or misunderstood, I shouldn't say misrepresented. I mean, we understand multiemployer funds, but for listeners who may be new to this, multiemployer funds are jointly trusteed with management and labor. And it's really important, I think that people understand that both of those parties truly, truly want to give to participants all of the resources and the best experience they can. They may come at it differently. They may not always agree on how that happens. But they really do actively want to provide better benefits, better healthcare, better education, all those things to their participants. So, I just think it was something that you had said, we were talking about who bears the cost of all this education, and it's traditionally it's the fund, but it's the fund meaning collectively being agreed upon by this jointly managed group of people, the trustees, so I thought that was just an important piece to make. And I want to say that I think what I've learned is, it's an enormous job really to do what Segal Benz is doing and what each of you do for your clients in terms of really aggregating all this information together and presenting it back to participants in a way, that is, I think, meaningful to them and usable. Because I do think you both have mentioned separately that other vendors are pushing out their information. And it can be very overwhelming and really misleading because you could end up going down the wrong path. So, I really applaud what you guys are doing. And I think it's a very meaningful endeavor. I hope that there are as many multiemployer funds out there that are utilizing services like yours, because I think it will go a long way at really creating financial wellbeing, and making sure that people understand what their benefits mean, that is, really, I think, paramount. We have an environment where unions have this favorable of a reputation as I can remember them ever having in my lifetime. And I think it's stuff like this, that's so critical to continuing that message. And reminding people that the benefits that come with Union employment is really broad. And there are a lot of people that work really hard to deliver really important benefits. So, I'm really excited for what you guys are doing. Do you guys have any closing thoughts or anything you think I missed that you wanted to mention?

Jennifer Schuster 11:40

No, I think your questions were spot on. Traci. You said something just now that really hits home for me and what we do and how we think about what we do, things are really hard for people right now, I live in California. It's super expensive to buy gas. It's super expensive to get groceries. And so, this concept of you know, financial wellbeing and really addressing what's happening for people now, as they're trying to think about what they need in the future. It's just critical to balance those two things and understand that folks might not have a ton of money to set aside for the future. But we really can help them navigate the now and it's an important focus from my perspective right now.

Josh Meyer 12:22

First of all, thank you for having us. I really enjoyed this conversation. And I don't think you missed any. Your questions really nailed it, but I think just going back to where we started talking about providing trusted advice that improves lives, that really is Segal's mission, and that's our mission and, and remembering who we're serving, and helping them navigate really complicated information that's really important for them and their families, makes this so rewarding and keeps it interesting. And, you know, keeps us focused on what we're trying to do because it's so important. And so, I really enjoyed doing it. And when we hear back from our clients about something that's worked, it makes it so much so fulfilling. And we're always trying to do better and find new ways to cut through all the clutter that people are getting all the emails and the complicated information and make this as easy as we can and as interesting as we can for participants.

Traci Shanklin  13:28

I will close by saying that I think I think that without financial wellbeing it is almost impossible to really fully enjoy our now. I'll leave it with that. This concludes my three-part conversation with Josh Meyer and Jennifer Schuster from Segal Benz Communication. If you didn't hear Part One and Part Two, you can find all our episodes at www.multiemployerfunds.com. That's www.multiemployerfunds.com. Don't forget to subscribe to the World of Multiemployer Benefit Funds to get a notification whenever a new episode goes live. One last thing before I let you go. My goal is to ensure multiemployer benefit funds find the highest quality professionals to help them grow their funds. In my work with several boutique money managers entering the multiemployer business segment, I have found some common misconceptions and avoidable mistakes. If you are an investment firm considering expansion in the multiemployer funds business segment, please visit www.sisupartnersllc.com That is www.sisupartnersllc.com And check out our multiemployer’s strategy blueprint consulting service. Thank you for being part of the conversation.

Narrator  15:06

And that's it for this week's episode of The World of Multiemployer Benefit Funds. We'd love to have your support; you can show your support by sharing episodes making comments or heading over to www.patreon.com/multiemployerfunds for other partnership opportunities. Thank you for joining us and we look forward to next time.

Disclaimer  15:26

Sisu Partners, LLC host The World of Multiemployer Benefit Funds podcast, which contains content and discussions that have been prepared for informational and educational purposes only. No listener should assume that any discussion on this podcast serves, as the receipt of, or substitute for, personalized advice from an investment professional as the information provided on the podcast is not intended to be investment, legal or tax advice. The company is not an SEC registered investment advisor and does not solicit clients or raise capital for money managers. Sisu Partners offer securities through XT Capital Partners, LLC.