| Issue: # 75 | Janaury 20, 2012 |
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Greetings!
We hope you find these newsletters helpful. If you feel this information may be of value to a fellow business-owner or client, please forward our newsletter by clicking on the forward link at the bottom of this e-mail. Thank you for your referrals. To learn more about us, click here.
In our last newsletter, many people sent comments about Larry Bird turning age 55 and the  video highlight link we posted. Check out picture of Bill at a golf tournament with Larry Bird in 1998!
If you have a question or want a a quote, send us an email Bill or Vanessa today.
Bill Randell CLU,CHFC, Vanessa Costa CLU,CHFC,
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Health Insurance Increases Slow
Negotiated Reimbursments Down
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As we noted in our last newsletter, 2012 is off to a good start, and employers may have relief from the traditional double digit renewal. First quarter renewals have averaged less than 10%. Note this Boston Globe Story:
"Contracts negotiated in 2011 gave hospitals and doctors groups average fee increases of 2 to 3 percent, roughly half those given in 2010 and less than in any year since 2005, according to estimates by executives of the state's three largest health insurers."
As always, we are available to review your plan design, or give you feedback on employer contribution levels. It may not be a bad year to review your total benefits package and discuss options.
Harvard-Pilgrim will also be announcing expansion of their smaller Focus Network, currently only in Central Massachusetts. Focus will be a State-wide network and will include Bay State in Springfield. Stay tuned.
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Walgreens no longer accepts Express Scripts
Attention Blue Cross subscribers who utilize Walgreens
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Effective January 1st, 2012. Walgreens will no longer accept Express Scripts, the presciption benefits company for Blue Cross. If you are 1) a Blue Cross member and 2) have prescriptions with Walgreens, you need to change pharmacies. Here is a press release from Blue Cross of Massachusetts, click here.
As mentioned in the press release there are many alternatives, we are simply suggesting you make changes now and not wait until you need a prescription filled. In fact, many pharamacies are actively looking for Blue Cross members and are making it very easy to change, including CVS.
We like to share actual stories and experiences as well. Vanessa had to pick up an antibiotic and went to Walgreens. The pharmacist said "we no longer accept your Blue Cross insurance". He then electronically transferred the prescription over to a neighboring pharmacy of my choice. The process went smoothly. If negotiations between Blue Cross and Walgreens changes we will update you.
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Long term disability plans
Contract language is very important | |
Besides health insurance, most of our groups offer Group Life & Disability insurance. Typically, most Group Life and Short-term disability contracts are very similar in contract language and definitions.
On the other hand, the language in Group Long-term Disability contracts vary widely and can have a dramatic effect on rates. In particular, many newer contracts have a term referred to as "self reported claims limitation". This means the insurance company will limit how long they will pay benefits for certain conditions. Instead of paying the normal benefit period "to age 65", these conditions will terminate payments after two years. This limitation is aimed directly at conditions like chronic pain, fibromyalgia, chronic fatigue syndrome, sick building syndrome, and in some cases, it may even include headaches and migraines.
Needless to say, this language has resulted in a barrage of lawsuits and the creation of websites like UNUM Claims Denial or this story from Lawyer and Settlements. Bottom line when looking at Group Long-term Disability Insurance, it is very important to check the contracts!! Here is a video also on the topic:
 | | DI Lawyer Self Reported Claims |
Be cautious when purchasing Group Long Term Disability. A detailed explanation of benefits, defintions, exclusions, limitations, etc. is critical.
Many of our groups have life and short term disability. It may be a good time to get a quote for Long Term Disability. If you are a larger group, you can even "Carve out" a specific "class of Employees" and offer it just for those employees; for example, management or salaried employee.
Pricing is rather reasonable, so just email us for more information. Another key point is that there are NO medical questions, since it is group coverage. As business owners age, group insurance becomes a great vehicle to secure more coverage without any evidence of insurability.
Emai Vanessa or Bill today. |
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Massachusetts Commonwealth Care Extended to legal immigrants | |
In 2009 the Commonwealth of Massachusetts dropped 29,000 legal immigrants from the state subsidized Commonwealth Care in order to save $30 million dollars and balance the budget.
The state's highest court, however, has just ruled this is illegal and those legal immigrants are now again eligible for Commonwealth Care. Estimated cost is now $150 million.
New York Times Story. |
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