Financial Focus- Produced By COPIC Financial

Four Ways You Can Prevent Data Breaches


1) Consider having a written identity theft prevention program.
2) Work with your technical, legal, compliance, and risk management teams to be in compliance with all regulations.
3) Technical teams need to continuously evaluate, monitor and test security measures.
4) Consider the amount of risk your organization has taken on and how you can transfer this risk through cyber liability and technology professional liability coverage.

What Our Customers are Saying about Our Health Insurance Department 


"I have worked with Andrea Levine for our health insurance benefit choices since 2003. She has become instrumental to our company in this area. She truly knows the products she presents to us and does so without showing preference to the different insurances. Her presentation each year is extremely organized, and she can always answer any question about the plans she is presenting."


-Practice administrator, Thornton


Disability insurance protects your greatest asset -- your ability to earn a living.


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In This Issue-May 2012
Are Electronic Health Records Responsible for Costly Data Breaches
Teach Your Employees the Value of Voluntary Benefits
Occupational Injury Rate Rises 6 Percent
Reduce Costs on the Products and Services You Already Buy
Combining Life Insurance and Long-Term Care

Are Electronic Health Records Responsible for Costly Data Breaches?


Health care providers reported a 32 percent increase in the frequency of data breaches in 2011, according to a study released by the Ponemon Institute, an independent security research group.


Overall, 96 percent of the health care providers who took part in the study reported at least one data breach incident during the last two years.


The study revealed that the majority of the data breaches were caused by employee mistakes, with nearly half resulting from a lost or stolen laptop computer or smartphone.


The costs associated with these breaches are eye-opening: the average financial impact of a single data breach was $2.2 million. Data breaches cost the health care industry approximately $6.5 billion in 2011.


Data encryption and employee training can help reduce the likelihood of data breaches, but no amount of prevention can completely eliminate the risk.


You can transfer some of the risk to a Cyber Liability policy. Contact Kristin Stepien at 720-858-6297.

How to Teach Your Employees the Value of Voluntary Benefits


You've seen the commericals promoting voluntary benefit programs (talking ducks, anyone?). Voluntary benefits, or insurance products that your employees could buy through your organization at low rate, could help enhance your benefits package with little impact on your budget.


But, many employees do not understand the advantages. How can you help them understand? 

  • Demonstrate the Value. Employees may not see the value of a benefit that they must personally finance. But, purchasing insurance through an employer group can save your employees money. When you talk about your voluntary benefit options, promote the benefits of having coverage, the risks of going without, and emphasize the convenience and value of paying through payroll deductions.
  • Coverage Education. When offering any benefit option, employer-paid or voluntary, be sure your employees understand exactly how the coverage works. Educate your employees through company-wide benefits meetings, benefit provider representatives, individual or small group training sessions, and more.
  • Employer Advantage. In addition to boosting participation in your voluntary benefits programs, providing this meaningful education can position you as a valuable source of knowledge and strengthen employee satisfaction and loyalty to your practice.

Contact Andrea Levine with questions about providing a voluntary benefits program. Call 720-858-6287. 

Occupational Injury Rate Rises 6 Percent

Due to escalating work-related injuries and illnesses among health care support workers, OSHA is launching a National Emphasis Program on Nursing Home and Residential Care Facilities.


The program, slated to launch in 2012, will reduce illness and injury rates through increased inspections and by emphasizing safety training.


According to the Bureau of Labor Statistics, health care support workers are more than two times likely to miss work because of work-related illnesses or injuries when compared to the average private or public sector worker.


Contact Kristin Stepien at 720-858-6297 for injury prevention tips and more.

Reduce Costs on the Products and Services You Already Buy


Join the other COPIC members who are enjoying significant savings on their supplies and services through the CO-POWER group purchasing program.


Average savings are 12 to 18 percent on medical and office supplies; 40 percent savings on medical waste.


Call Taylor Schierburg at 720-858-6179 to see what CO-POWER can do for your practice.


Combining Life Insurance and Long-Term Care


Concerned about paying for long-term care services? Do you also have a need for life insurance protection? A life insurance policy with a long-term care rider may be an efficient solution.


Combination policies -- recently offered by several major life insurers -- provide a death benefit as well as a pool of money that can be accessed if policy holders are diagnosed with a chronic illness or disability that impacts daily living (i.e., needing help with two activities of daily living or becoming cognitively impaired-all of which typically trigger the qualification for long-term care expenses). The funds that you access for long-term care or other expenses generally are subtracted from the policy's death benefit.


Why should you consider?


  • Traditional long-term care policies charge a regular premium. Generally, premiums for these policies are not guaranteed, but a combo policy's premiums may be guaranteed. 
  • The long-term care benefits you receive through a combo policy are paid outright-not through a reimbursement-so you don't need to submit your qualifying expenses and you can use the funds at your discretion. 
  • Some people hesitate to purchase a traditional long-term care policy out of concerns that the benefits may never be used. With a combo policy, if you don't use the long-term care benefits, your heirs will still receive the tax-free death benefit. 
  • Qualifying for a combo policy may be easier for some than qualifying for a traditional long-term care policy.


When considering how to protect yourself and your family from the expenses of long-term care, combo policies may offer an alternative solution worthy of consideration.


Contact Mike Edwards at 720-858-6289 to learn more. 



Even if you're not currently in the market for insurance products, we're always available to help make sure you're getting the best coverages at the best prices. Call us at 720-858-6280!

Wendy Heckman
President, COPIC Financial Service Group
COPIC Better Medicine, Better Lives
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Copyright 2012 by the COPIC Trust. All rights reserved. No part of this publication can be produced or transmitted in any form or by any means without written permission from the publisher.

  COPIC Financial Service Group, Ltd. is an insurance brokerage firm representing a variety of insurance carriers. Products offered by COPIC Financial are not issued by COPIC Insurance Company.