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Greetings!
The Massachusetts Connector, our state insurance exchange, has it been a success? Universal healthcare has been successful to insure people, but has not controlled costs and thereby premiums. Employers around the country will incur double digit increases each year as they follow the Massachusetts model.
One of the major benefits of the Affordable Health Act, however, was that annual well-care physicals are not only covered, but there is no co-payment! If you do not identify your visit as ROUTINE your doctor's office may ask for a co-payment. At the desk when you sign in, identify your visit properly and do not pay anything.
When we meet with businesses each year to review the insurances, we hear more and more stories from employees that they were charged a co-pay for their annual well-care physicals. It is sad to say, but many physician offices claim they are not aware, or perhaps are just automatically used to asking for the money.
On a side note, Fallon is working on a plan that will actually pay your to be healthy. more to follow in upcoming newsletters.
 | | Healthy Health Plan |
We are always available - call or send an email to Bill or Vanessa today. Need a review, or want to check in and see if your benefits are competitive to others in your field? Want to offer supplemental benefits at employees expense?
Please do not hesitate to call us with any questions.
Bill Randell CLU,CHFC,
Vanessa Costa CLU,CHFC,
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April 1st Renewal
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This date is a very busy time for small group health insurance renewals in the Commonwealth of Massachusetts, Boston Globe article, and most insurance companies wait until March 1st before they send out the renewal rates.
Although the article says the average base rate increase of 2.7% April 1st, you need to remember that this is just for 2nd quarter. The carriers can also adjust for any demographic changes in the group or make adjustments for SIC codes.
Another item to point out on renewals is that you can get quotes at anytime during the year. You are not forced to stay with a carrier for the full 12 months; for example, if two of your older employees terminate after your renewal, it would be a good idea to requote. It also is important to keep an eye on the quarterly base rate increases throughout the year to get an idea on what to expect, when your plan renews.
Upon receipt of your renewal, let us get you some competitive quotes. The most common plan design we now see is:
- 1,000 or 2,000 deductible
- employer providing some assistance to cover the deductible through an HRA plan.
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401(K) plans | |
Recently some of our clients have been sharing their frustration about 401(K) Plans. As the economy has slowed and contributions have declined, many 401k vendors have decided to get to sell their clients/block of business to other companies.
401k Retirement plans have many moving parts that the employer needs to address.
Equally as important as the investments is the annual record keeping of the plan. There are many options for this which can run an employer thousands of dollars to administer annually. Its a very labor intensive process so a strong relationship is necessary between the record keeper and the employer.
We also saw a very interesting article the other day how some employers are making the same mistake Enron did, when they invested too much of the 401(K) assets back into company stock. Click here for the entire article on CNBC, watch the video embedded in this link, here is a small section:
Tightly held Publix, the supermarket chain, tops his list, with more than 70 percent of its employee 401(k) holdings invested in company stock. Sherwin-Williams was also above 70 percent. Nineteen companies, including Colgate-Palmolive, Exxon Mobil, Dillard's, Chevron, McDonald'sand Lowe's, have more than half of employees' 401(k) assets invested in their own stock.
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Blue Cross offering voluntary dental plans
Beginning January 1, 2013, Blue Cross Blue Shield of Massachusetts will offer our small group dental product portfolio to accounts on a voluntary basis. To take advantage of this offering, a client needs five or more employees to enroll There are standardized rates and plan designs for all.
Blue Cross Blue Shield of Massachusetts offers a range of medical and dental products with access to 4,000 participating Dental Blue dentists in Massachusetts-that's almost 90 percent of all licensed and practicing dentists in the state. Blue Cross has been offering Dental Blue for almost 45 years, and the product line continues to evolve to meet market needs and provide the right care for members.
Nothing to do with Dental Insurance, Phil Mickelon $50,000 shot:
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