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CONTACT US

Sue Swanson
President

(720) 858-6288

 

Mike Edwards

 Dir. of Financial Services (720) 858-6289

 

Andrea Levine

 Senior Account Executive

(720) 858-6287

 

Mitch Laycock

 Account Executive

(720) 858-6297

Cary Lamb
Account Executive
(720) 858-6282

  
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Save $$$ with CO-POWER

 

GroupSource Group Purchasing is a leader in cost containment strategies for medical practices. COPIC-insureds are able to take advantage of these GroupSource discounts through an innovative program called CO-POWER.

 

Click HERE to learn more about how your practice can save money today!

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What Our Clients are Saying about our Health and Dental Insurance Expertise

 

"Andrea has been the best broker I have ever worked with, she has always been available to answer questions, research issues and proactively keep us appraised of the changes in the health care benefits marketplace... She is also well informed of the critical changes in the health care environment that have significant impact on the decisions we must make."
-Medical Practice Director in Lakewood, CO

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Have you recently booked that once-in-a-lifetime vacation? Protect it from
the "what if."

COPIC FSG now provides Travel Insurance!

Click HERE to get a quote.

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In This Issue - November 2013
News from COPIC Financial Service Group
End-of-the-Year Money Moves
Is Your Workers' Compensation Policy Renewing Soon?
Exchange an Old Annuity or Life Insurance for Long-Term Care Insurance
Insuring Accountable Care Organizations
Hot Topic: Health Care Compliance
News from COPIC Financial Service Group

We are excited to let you know that COPIC Financial Service Group is growing! In order to continue meeting your financial service needs, we have decided to add another Account Executive to our team. I am pleased to announce that Cary Lamb will be filling the new position of Financial Service Account Executive. Cary has been with COPIC Financial for nine years and has worked as a Financial Service Account Representative alongside Mike Edwards, Director of Financial Services, for the last four years.

 

Cary will focus on assisting dentists to ensure they are properly covered with life and disability insurance. Cary has a bachelor's degree in finance as well as an accounting certificate, in addition to his Series 7 license, Series 66 license, various insurance licenses and LUTCF designation. Cary has extensive experience servicing the needs of our customers and is excited to answer your questions and provide the superior level of service you have come to expect from our team. Please give Cary a call at (720) 858-6282 to review your current coverage or to discuss possible options.   

End-of-the-Year Money Moves

Here are some things you might want to do before saying goodbye to 2013.

 

What has changed for you in 2013? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If some notable changes occurred in your personal or professional life, you will want to review your finances before this year ends and the next one begins.

 

Even if 2013 has been relatively uneventful, the end of the year is still a good time to evaluate and see where you can save some taxes and build more wealth. Consider ramping up your contributions or taking advantage of a tax credit. Click here for a comprehensive list of ideas and strategies. And remember COPIC Financial is here to answer questions and find financial solutions that are right for you. Contact Mike Edwards at (720) 858-6289 to discuss options.
  

Is Your Workers' Compensation Policy Renewing Soon? 

If your practice's workers' compensation renewal is approaching, please contact us to discuss your renewal options. Here are a few thoughts to consider:

  • Changing your billing mode to annual or quarterly will eliminate late and/or monthly administrative fees.
  • Consider adding yourself to your workers' compensation policy. In the event of a work-related injury, workers' compensation benefits begin immediately, covering medical bills, partial loss of salary and rehabilitation costs excluded from your private health insurance.

 The carriers we work with offer the following:

  • Online audits
  • Pay-as-you-go billing option
  • 24/7 claims hotline
  • Coverage for initial patient testing in a needle-stick situation

Your renewal packet may include the following information to take into consideration:

  • Deductible Selection Form: We generally don't suggest that you add a deductible to your policy. Any deductible you select will apply to each claim and the savings are minimal (between 3 and 7 percent) depending on the deductible you select. However, if you would like to select a deductible, just complete the form and fax it back to our office at (720) 858-6281
  • Designated Medical Provider Disclosure Statement: Your renewal policy already includes a credit for this, so there is no need to sign the form again. If you would like a list of qualified providers in your area you can contact our office.
  • Cost Containment Certification Disclosure Statement: In order for an office to qualify for this credit, you must first complete the Colorado Cost Containment program. Information regarding this program can be found at www.coworkforce.com/dwc/whatis/employerwhatis.asp or you can contact our office.

COPIC Financial can write your business owners' insurance as well. You can save an additional 5 percent on your business owners' premium by obtaining this policy through us, in combination with your workers' compensation!

 

We look forward to assisting you with all of your insurance needs throughout the upcoming year. Contact Mitch Laycock at
(720) 858-6297 for more information.

Exchange an Old Annuity or Life Insurance for Long-Term Care Insurance

Have you considered combining annuities or insurance policies with long-term care insurance? As ElderLawAnswers.com previously reported, these "hybrid" products are gaining in popularity due to a law that went into effect January 1, 2010, making distributions from life insurance and annuities tax-free when used to pay for long-term care. The same law also allows owners of annuities or life insurance policies to exchange their old policies for long-term care insurance or hybrid policies without being taxed. The law applies only to "non-qualified" annuities, which means annuities that were purchased with after-tax dollars.

 

If you have an old annuity or life insurance policy, and want long-term care insurance, you have several options. You can either partially or fully exchange the old policy and use the proceeds to purchase a stand-alone long-term care insurance policy. Or you can fully exchange the old policy for a new hybrid insurance or annuity contract that also includes a long-term care insurance policy. You will then be able to withdraw money from the annuity or life insurance contract tax-free as long as it is being used to pay for long-term care.

 

Exchanges may not be beneficial for everyone. Before exchanging any policies, you should make sure your current policy doesn't have a death benefit or another benefit that you don't want to give up. Also, there may be surrender charges for exchanging an old annuity. We also recommend that you talk with your elder law attorney prior to making any decisions.

 

Contact Cary Lamb at (720) 858-6282 to discuss options that are right for you.

 

*Source: www.elderlawanswers.com

  
Insuring Accountable Care Organizations 

What is an Accountable Care Organization?

An Accountable Care Organization (ACO) is a health care organization model which coordinates provider reimbursements, with quality metrics and reductions, to contain the total cost of care for an assigned population of patients.

 

What liability exposures do ACOs face?

  • Professional Liability: ACO entities can be held liable for losses due to medical professional services performed by their members and providers.
  • Directors & Officers Liability: There are strict federal rules regarding ACO board structures along with coordination of care and shared savings programs; ACOs are also vulnerable to shareholder, patient and physician lawsuits.
  • Employment Practices Liability: Disgruntled employees or applicants; third party discrimination claims.
  • Fiduciary Liability: Allegations of misconduct, conflict of interest, or negligence in the administration of a benefit plan.
  • Crime: Employee theft, forgery or fraud.
  • General Liability: Non-medical service bodily (slip/fall) or personal injury.
  • Property Liability: Equipment, leased spaces or owned buildings.
  • Data Privacy and Network Liability: Federal and state confidentiality/privacy laws; ACOs face greater risk due to their dependence on data-sharing via medical record systems.

What insurance products are available to ACOs?

COPIC Financial works with several insurance carriers that will insure all of the above exposures under one policy and are specifically designed to cover:

  • Utilization Review
  • Credentialing/Peer Review
  • Claims Handling
  • Case Management
  • Quality Assurance
  • Administration and Management Services
  • Contracting/Establishment of Provider Networks
  • Anti-Trust

What does an ACO need to apply for coverage? 

Any entity already approved by the Center for Medicare and Medicaid Services needs to provide the following information when applying for coverage: the total number of current or anticipated providers, a balance sheet, profit and loss statement, and a business plan. If needed, COPIC Financial can provide a quote the same day as requested, and minimum premiums are as low as $5,000. Independent Practice Associations (IPAs), Physician-Hospital Organizations (PHOs), and other physician led groups or networks qualify for this coverage as well!


Click here for more information. Please contact Mitch Laycock at (720) 858-6297 with any questions.

Hot Topic: Health Care Compliance

As the Affordable Care Act becomes a reality, "compliance" is the new buzzword that is used everywhere. Whether you are a provider or a patient, you have likely heard about Patient Protections, HIPAA Administration, SBC compliance, ERISA Compliance, Model Notices and the list goes on. We all know the health insurance industry is anything but simple, so COPIC Financial is here to help you tackle these complex changes.

 

We are partnering with a leading expert in the field, TASC, to provide clarity and answer questions employers have regarding Health Care Reform. COPIC Financial has negotiated preferred pricing with TASC to assist your group with preparing for possible audits. TASC even provides a guarantee!

 

Not sure if you need TASC's help? Join one of these complimentary educational webinars to learn more about what impact Health Care Reform may have on you. TASC provides free ERISA and FMLA webinars which last about an hour.


Visit TASC's website to learn more about the company and what they offer. Click these links for more information about their products and services and the ERISAEdge.

 

For more information about this, or other aspects with Health Care Reform, please contact Andrea Levine at (720) 858-6287. 

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!
Sincerely,
President, COPIC Financial Service Group
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Copyright 2013 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.