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Issue: # 112
<March 12, 2014
  
Jeff Gordon Part 2

Dear  :     

 


April 1st is a big renewal date for smaller employers who have their health insurance through a local Chamber of Commerce or third party buying group like the Small Business Service Bureau.  Amazingly, many of these employers 
 
Advantage Quote 
are only starting to get their renewal rates, less then three weeks from their actual renewal.

If this is happening to you, let us help you.  There are options, watch our Advantage Quote video to your right!!

Send us an e-mail today

Please make sure your read the clip below on Wellness, this
applies to all our clients. 

Sincerely,
 

Medical trend 5-8%
 

Last year the Commonwealth of Massachusetts targeted a cap between 3-6% for medical trend to provide some relief for employers. The Boston Globe, however, reports that actual trend is more in the 5-8% range.

 

What does this mean?

 

The Commonwealth can target whatever they want to target.  In the end an employer's rate increase will be in line with the actual trend which is in the 5-8% range.   Bottom line, if the actual trend is in the 5-8% then plan for 8% increase this and hope for better.   

 

Renewals have been all over the place in 2014.  We've seen decreases and we've seen many group in excess of 25%.  Let us give you a fresh set of eyes for your renewal.

 

Massachusetts Connector Authority  Exchange


We've all read about the problems with the Connector Authority Exchange, Boston Globe story.   Long and the short, millions and millions of dollars have been spent on a site that is not working right.

Here are our predictions going forward:
  1. Commonwealth of Massachusetts may extend open enrollment past the end of March.
  2. Commonwealth of Massachusetts  will consider repealing their own individual mandate.

One part from the Boston Globe story:

 

"The consultant brought in to help fix the state's troubled health insurance marketplace acknowledged Thursday that its website may not be fully functioning by the end of June and that one option under consideration is to scrap the multimillion-dollar site and start over."

 

Incredible!!    

 

Also be careful on these exchanges.   

 

We've seen many people sign up for Tufts and Harvard thinking they have great rates.  Later they find out that it is actually Tufts Select or Harvard Focus network, which is a limited network plan and their doctor does not accept the new plan.  

Wellness tax credit

 

Please Read This

 

When you mention wellness, employers immediately say " we can't spend any money on that and it isn't a good fit with our employees"  Let us show you how to make this work.
The State of Massachusetts offers 25% of expenses paid to a maximum of $10,000 in the form of a State TAX CREDIT. 
 
You are currently spending money on expenses that qualify under the definition of wellness.
For example, if you are a manufacturer, any monies you spend on "SAFETY" are eligible toward this credit.  So, take a look at the safety consultants, you've hired, uniforms, safety goggles, improvements to workplace safety, automatic external defibrillators, and you are eligible for this credit.  This is a most important first step.  Advantage Benefits can do the rest and take care of the wellness component. 
 
We have an organized system in place to make you qualify for this benefit.  Other common expenses that qualify for the credit also include, ergonomic furniture, keyboards, vending machines, lunchroom microwaves, etc.
 
We were skeptical in the first half of 2013 when we read about this new credit and didn't think it would work for our clients.  But, after taking a closer look at the language we
realized that this an actual plan that can benefit both employer and employee.  We are proud to announce that we had one of our clients successfully complete the process and qualify for a $10,000 state tax credit for 2013.
 
Let us show you more....
 
Below is a recent health fair.  In case you missed it last time, here is a video from one of them:

As brokers we are always looking for other value we can bring to the table for our clients.
Take a closer look at this....
Email us now!



Oregon Exchange

As bad as the Commonwealth of Massachusetts Exchange is,  at least say it has been better than Oregon. Oregon's broken healthcare exchange site, which has yet to enroll even one person , has spent $304 million in federal funds

Le's say that again. $304 million and not one enrolled.