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Sue Swanson

(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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In This Issue - August 2014
Natural Disasters and Their Impact on Your Home and Business
Roth IRA Conversions
What Constitutes a "Qualified Event?"
3 Bad Reasons to Not Purchase Life Insurance
Continuation of Non-Compliant, Non-Grandfathered Health Plans Under the Affordable Care Act (ACA)
Natural Disasters and Their Impact on Your Home and Business
Weather-related losses and other natural disaster exposures are typically covered under your basic homeowners' and/or business owners' insurance policies, and possibly include tornado, hail, and/or wildfire. But other disaster losses and exposures are typically excluded from those policies, including flood and earthquake.

We don't think about certain events occurring in Colorado, but did you know the Greeley area experienced a 3.4 magnitude earthquake this past May? Risk for other earth movement should also be assessed, including sink holes and landslides. Additionally, floods and mudslides are not usually covered by your basic homeowners' or business owners' policy unless you have a special endorsement.

Minimize the impact of a natural disaster on your home and business by reviewing or creating a family and business disaster plan. Use any of these online resources to help you design a plan:
COPIC FSG is available to conduct a complete review of your policies and to discuss additional coverages that may be available to ensure your personal and business assets are adequately covered from typically excluded exposures. Contact Mitch Laycock at (720) 858-6297 with any questions you may have.
Roth IRA Conversions
Dollar-signWith the lure of tax-free distributions, Roth IRAs have become increasingly popular retirement savings vehicles. According to the Investment Company Institute, 20.3 million U.S. households (about 16.8%) owned Roth IRAs in 2012. But did you know there are three different ways to fund a Roth IRA? Or that you can convert a traditional IRA to a Roth?

Whether you currently utilize a Roth IRA, or are curious to know more, this article from Woodbury Financial offers helpful information including general rules for funding Roth IRAs as well as how to convert a traditional IRA to a Roth while considering the income tax implications that may be imposed.

To determine what retirement planning options make the best sense for your individual situation, contact Mike Edwards at (720) 858-6289 for a consultation.
Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc., Member FINRA, SIPC and Registered Investment Adviser. COPIC Financial Service Group and Woodbury Financial Services, Inc. are not affiliated entities.
What Constitutes a "Qualified Event?"
Now that open enrollment has ended for individual health care plans, carriers are not allowing enrollment unless the individual experiences a "qualified event." But what exactly constitutes a "qualified event?" Below is a list that should help.

If you want to enroll in an individual health plan, outside of the open enrollment period, it will only be permitted for these qualifying events:
  • Birth
  • Adoption
  • Marriage
  • Dissolution of marriage
  • Loss of employer-sponsored insurance
  • Loss of eligibility for Medicaid or the Children's Basic Health Plan
  • A valid court or administrative order mandating a child be covered
  • Involuntary loss of existing coverage (this does not include loss due to fraud, misrepresentation or failure to pay premium)
  • Becoming eligible for tax credits and cost sharing (these opportunities are available through Connect for Health Colorado)
  • Enrollment or disenrollment resulting from an error. The error must have been made by a carrier, producer or Connect for Health Colorado
  • Gaining access to other creditable coverage as a result of a permanent change in residence
  • Demonstrating to the Colorado Insurance Commissioner that the health plan violated part of its contract
Applications for enrollment must be received within 60 days of the event. For coverage starting in 2015, the proposed open enrollment period is November 15, 2014---February 15, 2015.

Feel free to contact Andrea Levine at (720) 858-6287 for the most up-to-date information about any questions you may have.
3 Bad Reasons to Not Purchase Life Insurance
It's true, you might not need life insurance. People often assume that if nobody will be financially affected by your death, it isn't a must-have. A recent U.S. News & World Report's article, 3 Ill-Advised Reasons Not to Buy Life Insurance, speaks to the common reasons people identify for their lack of purchasing life insurance. If you've ever made the following similar comments, you may want to reconsider:
  • I have plenty of assets to care for my family in case of an untimely death.
  • I'm healthy. I don't want to waste my money on life insurance.
  • I'll get life insurance someday...
While a lot of people undoubtedly put off buying life insurance because of the cost, which can be a few hundred to a thousand dollars a year depending on the policy and the person's age, you may want to reconsider your opinion.

FSG offers a variety of solutions for your life insurance needs and can answer any questions you have. Contact Cary Lamb at (720) 858-6282 for more information.
Continuation of Non-Compliant, Non-Grandfathered Health Plans Under the Affordable Care Act (ACA)  
President Obama announced in March 2014 that states can adopt an extended transitional policy allowing non-grandfathered, non-compliant plans to continue under the ACA through 2016.
Initially, Colorado elected to not extend this transitional period. However, the Colorado Division of Insurance (DOI) later issued a bulletin enabling carriers the option to continue such non-compliant plans to those policyholders, for both small group or individual plans, who have not reached their policy renewal date as of the May 2, 2014 date of the bulletin.

A carrier may not sell non-compliant, non-grandfathered individual and small group health benefit plans to new customers, but will be able to add dependents or new employees to existing policies that are currently in effect.

Despite the transitional policy extension, some carriers have elected to allow for this change and others have not. Until the carriers' rates are submitted to the DOI, we cannot know for sure what they will do. However, below is a list of the most current information available at the time of this publication:
  • United Healthcare has chosen to allow non-grandfathered plans to continue, beginning with its 6/1 renewals.
  • Anthem and Kaiser are planning to allow groups with 4th quarter renewals to keep their current non-complaint plans.
  • Rocky Mountain Health Plans is planning to allow groups beginning with 9/1 renewals to keep their current non-compliant plans.
  • Humana has decided NOT to allow non-grandfathered, non-ACA compliant plans to continue.
  • SeeChange is still deciding.
Due to the changing landscape of health insurance, it's always best to contact our knowledgeable staff for more information or with any questions. 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!
President, COPIC Financial Service Group
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Copyright 2014 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.