Advantage Benefits

Issue: # 71

September 9, 2011

world trade center sphere

Greetings!

Per a recent article in the Boston Globe, all the major health carriers made money in the 2nd quarter. Click here for the Globe story. This is good news because just a year ago these carriers lost money for the same quarter. Rate relief is not possible unless these insurance companies are operating efficiently. Typically positive earnings from the carriers means good renewals for policy holders.

The picture above is of the World Trade Center Sphere that, although damaged, survived and is currently at Battery Park. Check out the Story about how families want it returned when the World trade Centers are completed.

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,

Probationary Periods and Waiver Forms

What is the probationary period for new employees to obtain health insurance? This is a guideline that is determined by the employer. Why not consider making the waiting period longer? Employers may change their waiting period by a simple written request to the carrier. The theory behind the waiting period is to make sure the new employee is going to work out before benefits are offered. New employees do have options to either buy an individual plan through the Commonwealth of Massachusetts Connector Authority or pay COBRA premiums to their prior employer.

Do you have current waivers forms signed by employees who opt out of your employer sponsored group health insurance plan? Although waiver forms were signed in the past, remember employees do have the ability to enroll during the annual open enrollment. Technically employees, who are not participating in your current plan, should sign a new waiver at each annual open enrollment. Click here.

Short-term disability insurance

Great benefit a reasonable cost - Off the job coverage

It seems most of our newsletters focus on health insurance since it is the most costly benefit, and the benefit most expected. Next to health insurance, we strongly encourage employers to implement a short term disability plan.

This plan pays for accidents, sickness, surgery and maternity OFF THE JOB.

This week we made a presentation to a client for his employees that included:

10,000 of life insurance
benefits begin the 1st day of an accident
benefits begin the 8th day of a sickness (includes maternity)
60% of pay to a max of $ 650 per week
benefits paid to a max of 6 months

This type of program is a Group Plan, not an individual plan like AFLAC and Colonial. This is important as with a group plan there are NO medical questions, everybody qualifies. There are also NO pre existing condition exclusions.

Besides providing a valuable benefit for employees, it also provides a formal sick policy in writing for the employer. The total cost of the above example worked out to be $10 per week per person, but the employer was willing to pay half so the net cost to employees will be $5 per week.

This type of program is one of our most popular!

If you would like a quote, send us an e-mail.

Helpful video:

Short Term Disability (STD)

Walgreens

Lipitor & Plavix update

Recently we mentioned in a newsletter how these two drugs have gone generic. Both, Lipitor and Plavix, can now be bought at Walgreens for $4 for a 30 day supply and $10 for a 90 day mail order supply.