| Issue: # 69 | August 2, 2011 |
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Greetings!
Generally speaking, small group (less than 50 employees) renewals have stabilized. We are not seeing the larger increases of 20% of more. The majority of renewals are between 8 to 15%. Large group ( 50 plus employees ) renewals having been averaging less than 10%.
Employers are still analyzing many plan design options, including deductibles as high as $2,000. We are also presenting the "Tiered" or "Limited Network" plans to employers to keep them aware of all available offerings. These plans encourage subscribers to utilize lower cost hospitals by offering lower co-payments, and discourage them from obtaining services at higher cost hospitals by passing along higher co-payments. Employers, however, are still approaching those plans with caution.
In an effort to distinguish ourselves from other brokerage firms, this newsletter will announce some additional HR Services that we offer our clients. Running a business gets more and more complicated and Advantage Benefits continues to be not only an "insurance broker", but a resource for business owners.
We hope you find these newsletters helpful, please forward to anyone who may find this of interest, by using the forward link at the bottom of this e-mail. Thank you for your referrals. To learn more about us, click here.
If you have a question or want a a quote, send us an email Bill or Vanessa.
Bill Randell CLU,CHFC, Vanessa Costa CLU,CHFC,
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Advantage Benefits HR Resources
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Are you aware all employers, Massachusetts General Law, need a Sexual harassment Policy? It is also recommended that employers provide training for their staff on these issues. Advantage Benefits can help. Our in-house HR Professional can create a Sexual Harassment Policy, or review one that you may have put together years ago. If warranted, we can also have her visit your business and conduct training and/or meetings.
Please review our Human Resource Services:
Access to our HR Professional:
Answers to those day-to-day HR questions that concern you such as what to do with a problem employee, what the state requirements are for terminations, or walk you through the Cobra process. Our HR professional can assist you!
On-site HR Analysis/Overview:
How does your company generally stand in terms of compliance with state and federal laws? Our HR Professional can give you objective feedback.
On-site Sexual Harassment Training:
We will help you update your policy (or create one) and train both your managers and employees. Massachusetts requires that you have a policy and disseminate it each year. The state also encourages and acts more favorably toward employers who offer direct training for its employees.
Advantage Benefits Group recognizes the need that small businesses have for human resources services without having to pay ridiculous fees. We would like to work with you as your business evolves. Give us a call to discuss all of the options that we may have for you. |
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"RomneyCare" -a revolution that basically worked
Boston Globe story | |
It has definitely been a success insuring the residents of Massachusetts. The percentage of residents without insurance coverage is down to less than 2 percent; for children, the figure is a tiny fraction of 1 percent, a state survey shows. These are by far the lowest rates in the nation, but this success has come with a cost.
It was estimated there were 530,000 residents without health insurance when healthcare reform stated. That number has been reduced by some 400,000. Many of these 400,000, however, receive their health insurance with public monies. This past year those subsidies equated to $2,112,000,000, an average cost of 5,280 annually or $440 per month for each newly insured.
The Commonwealth of Massachusetts only pays 20% of this cost or $406 million dollars, while the Federal Government pays the balance. What happens to the Commonwealth of Massachusetts budget, if the Federal Government stopped subsidizing 80% of this cost? We can also vividly remember when healthcare reform was introduced and newly formed health insurance exchanges estimated premiums at $225 per month range!
On the other hand, it has not been a "success" controlling premiums. These past 5 years have been the worst five year period rate wise over the past 25 years. One interesting part of the story:
"Romney considers the Massachusetts plan needlessly gold-plated; he would have pushed for a much cheaper version that allowed minimal coverage options.
He believes the Massachusetts health connector, the insurance exchange which the Obama plan would emulate, has created an excessive regulatory burden, imposing too many requirements on what commercial insurers must offer for a policy to qualify as "minimum credible coverage'' under the law. His proposal, to require only a bare-bones policy that covered hospitalization and catastrophic illness, was rejected by the Legislature."
We could not agree more. The standard, which includes many mandated benefits, to meet MCC (Minimum Credible Coverage) is excessive. Here is another point we agree on:
"And as for those on the economic margin, Romney thought that no one, however poor, should get insurance for no cost at all. He advocated a small premium, even a few dollars a month, for the neediest, but the Legislature balked.
Today, under the Commonwealth Care program, about half of the 160,000 receiving subsidized coverage pay no premium because their incomes fall below certain federal poverty level guidelines".
Here is a link to the story. |
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Prescriptions costs going down
Turning generic | |
The next 15 months will bring generic versions of seven of the world's 20 best-selling drugs, including the top two: cholesterol fighter Lipitor and blood thinner Plavix.
the past 20 years, we have seen many changes in health insurance.
We can only assume , or hope, companies like Walmart will be adding these drugs to their list of prescription drugs. |
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