 | | The Boys are Back |
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Greetings!
We are still pleased to let you know that health insurance renewals continue to be very favorable as 3rd quarter renewals and new business rates were recently released. On average for the entire year, the majority of groups have received single digit increases averaging around 5% for the year. As a results, groups are not changing carriers or plan designs and are enjoying the stability.
Instead of a 3.15% increase, the premiums dropped 5.05% A difference of nearly 8% in premiums. If you would like to see what your rates would be with this new Blue Cross plan, send us an email.
Need a review, or want to check to 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. We are always available - call or send an email to Bill or Vanessa today
Bill Randell CLU,CHFC,
Vanessa Costa CLU,CHFC,
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Blue Cross $9 for 90 days supply of generic drugs
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Blue Cross now has a list of generic drugs that you can buy for $9, click here.
Another great report by Blue Cross of Massachusetts Foundation entitled Massachusetts Delivery System map. Try to open using Google Chrome. Very interesting information; for example, 35% of hospital beds owned by 3 hospital systems, click here.
 | | Rickie Fowler hole in one |
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Health care reform timeline
Every day clients ask us if there are going to be more changes as the Affordable Care Act becomes the law of the land. Since the law was signed on March 23, 2010 many provisions have been implemented, including:
* Dependent coverage to age 26
* No lifetime limits and restrictions on annual limits
* First Dollar Coverage for preventive health services
* No pre-existing condition provisions for dependents up to age 19
* Medical Loss Ratio rules
* Uniform Summary of Benefits and Coverage (SBC)
Since 2010 little has changed here in Massachusetts, we've actually enjoyed some rate stability the last two years. However, our outlook is very cautious for 2014. Despite the fact that Massachusetts did not have to make as many changes as other states, there are New Taxes and Fees Under the Affordable Health Care Act that both Fully Insured and Self Insured Companies will have to pay:
1. The Health Insurance Industry Fee
2. The Transitional Reinsurance Fee
3. The Patient-centered Outcomes Research Institute (PCORI) Fee
When forecasting for annual expenses for 2014, you may want to be very conservative in your projections!
- Massachusetts General Hospital and the MGH Hospital Physicians Organization
- Brigham and Women's Hospital and the BWH Hospital Physicians Organization
We try to keep these newsletters fun. Saw this video the other day:
 | | Jack Nicholson on dental care |
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Blue Cross Healthy Actions
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Healthy Actions is a new wellness program offered by Blue Cross. It rewards both Employer and Employee. Check out details below.
Employee Requirements and Rewards
- Employees must complete an online health risk assessment.
- Employees need to ask their doctor to fill out a Clinician Health Review form. This form documents key health measures, such as weight, blood pressure, smoking status, and records preventive screenings.
| If the doctor determines that the employee: | Then after submitting the form the employee: | | Is healthy |
- Receives a $300 Visa debit card
| | Needs to improve their health (for example, lose weight, take medication to lower cholesterol) |
- Receives a $100 Visa debit card
- Then the employee needs to work on the health goal set by his or her doctor within a set timeframe
- And if the employee meets the goal and submits a second form before plan renewal, he or she will receive an additional $200 Visa debit card
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Employer Costs and Rewards
Because you're making an investment in your employees' health, you also receive a financial reward, based on employee participation and success. And the more they participate and succeed, the greater your reward.
Costs
| Employers with 10-50 Employees | Employers with 2-9 Employees | Employer Groups of One | | 0.4% of premium | 1.25% of premium | 2.5% of premium |
Rewards
| Percent of employees who earn the full $300 reward | Your reward is... | | 20-49% | 1.25% of current year's premium | | 50-79% | 2.50% of current year's premium | | 80-100% | 5.00% of current year's premium |
Healthy Actions is available to qualifying new accounts and existing accounts on plan renewals beginning on April 1, 2013. Just to make sure you read to the bottom, man catches bird:
 | | Click picture for video |
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