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Compensation Disclosure Policy

KLAIS & COMPANY, INC. has been a long-time advocate for providing clients with full disclosure regarding the compensation we receive in our role as service provider for self-funded health benefit plans.

Over the past several years, KLAIS & COMPANY, INC. has adopted a fee-based compensation approach whereby we are paid for the work we do strictly through administration fees that are occasionally augmented by commissions received from stop-loss insurance carriers.

It has also been our practice to return to the self-funded plan any and all monies generated from additional sources of potential revenue such as:

  • Subrogation recovery
  • Pharmaceutical manufacturer’s rebates
  • Network percent of savings refunds
     

Furthermore, it has long been the practice of KLAIS & COMPANY, INC. to include a “Disclosure Notice” in our new business proposals, as well as our renewals. This notice details any and all commissions, fees, or other forms of compensation paid to KLAIS & COMPANY, INC., and the method for calculating this compensation, including any contingent compensation.

The Disclosure Notice also serves to detail any compensation paid to brokers or insurance agents involved in marketing and servicing the self-funded plan.

KLAIS & COMPANY, INC. applauds the recent attention that state and federal officials have given to the issue of undisclosed compensation and pledges to continue to provide full disclosure regarding the manner in which we are compensated.
 

 

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