October 8th, 2010
Years ago when I built my first home, I hired a general contractor that was referred to me to get the job done. Little did I know the extent of what the build entailed; carpenters, plumbers, electricians, roofers, all sorts of different sub-contractors to do my bidding. The general contractor orchestrated the maelstrom of activity in an efficient way that I could never have handled, and if I had any issues I only had to talk to him to get my answers.
The IQ Risk team was referred into a potential client, a prestigious cardiology practice. At our initial meeting the administrator complained that he was tired of dealing with multiple insurance brokers, one for each line of coverage they had. It was evident there was plenty of work to do managing the practice; the last thing he wanted was the headache from his multiple insurance policies and brokers. Which broker was on which policy? Where was their contact information? Would they be reachable? Not something he had the time or patience for figuring out when he had a pressing question about his coverage.
As we began to discuss the ways that we were able to help him, he quickly stopped us and asked one simple question, “If I have any questions with any of my policies, I only need to make one phone call to get the answers?” To which we confidently responded with a resounding “Yes!”
After showing our new client that we were able to comprehensively and competitively cover all the insurance needs including his general liability, property, workers comp, as well as the employee benefits programs for medical, dental, vision, and life, all under one roof (and one phone call away), he thanked us profusely for making his life a lot simpler.
Posted in Commercial Insurance, Employee Benefits, News | No Comments »
October 1st, 2010
I remember as a child learning a new form of patience in a darkroom with rolls of film to be processed into individual pictures. All the chemicals, the exposure of light sensitive paper, and the slow development of a picture from a vision to a permanent record to be admired.
God forbid someone turned on the light in the darkroom during this process, ruining all of the hard work. Of course these days digital cameras have eliminated the painstaking process for most of us casual photographers.
The new healthcare reform law is much like that developed picture, slowly taking shape out of the unknown. We have an idea of what the law intends, but much of the final regulations have yet to be written. How does one make sense of it all, what takes effect when, and how will it affect policies now and in the future?
I could spend thousands of pages, somewhere around 2700, outlining what the law says, but the our government has taken it upon themselves to provide a medium to present this information. HealthCare.gov is their portal to disseminate all of this information. Recommended reading.
If you have any other questions or would like to hear it from a human being, give us a call here at IQ Risk.
Posted in Employee Benefits, News | No Comments »
September 28th, 2010
I love popcorn; it’s one of my guilty pleasures. When I was a kid, I loved taking the lid off the popcorn popper and watch the kernels explode all over the place. My mother hated it, but I thought it was hysterical how much chaos I could create.
As a thinking person, my thoughts and ideas can act like those kernels, popping out of control without much in the way of harnessing them. So many thoughts creating chaos in my brain; how could I put the lid back on the popper and enjoy a wonderful bowl of popcorn rather than being frustrated with a mess all over the floor.
I was contemplating the best way to utilize social media to get the word out about how IQ Risk Insurance Services helps our clients. There are a million ways to get your name on the internet, but which ones are best utilized for your industry, and how do you effectively approach them?
Sitting down with Jason Lavin, CEO of GoldenComm, a website and search engine optimization (SEO) firm, we discussed some of the chaotic ideas I was having. My brain apparently was like an un-popped kernel of corn, not really aware of how to effectively utilize the tools we have.
In the half hour I spent with Jason, he was able to give me enough clarity about my approach that my brain kernel was able to pop. Now I have a clearer vision of what to do and how to do it.
Jason was able to just scratch the surface of one strategy to get my mind popping, I am anxious to see what he can do with an entire morning. Jason fortunately hosts the number one rated SEO seminar on a monthly basis. I highly recommend registering for upcoming seminars at www.excel-your-business.com. Let Jason pop your brain too.
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September 22nd, 2010
Are you paying for benefits that you might not need?
I paid premium monthly dues for a gym membership so I could have access to every single location that franchise maintained, all over the country. How many of those did I frequent? One or maybe two, near my home and office. Paying a lot of money for something that I only use minimally. I went to their membership and asked if there was a way I could reduce my monthly cost but still maintain the benefit of being able to use the two locations. They agreed, and I cut my dues by nearly 75%.
Consider your company’s group health insurance plan. If you are like the majority, your group plan maintains benefits that cover everyone at a fairly good level; copay, coinsurance, deductible, etc. are at a level that would be considered reasonable out of pocket expense if you were a consistent user of your plan.
Now, consider that nearly 80% of the work force spend less than $1000.00 annually on their medical costs and many companies blindly spend a lot on premiums to have benefits that are not consistently used by all. With rising costs of benefit being a primary concern of businesses today, with no end in sight, it would make sense to rethink how those benefits are in place.
With the use of a consumer driven health plan (CDHP) that is paired with a tax advantaged health savings account (HSA), both the company and the participants can benefit from cost savings both in premiums and taxes. CDHPs allow consumers to better control their healthcare and costs by being more selective of providers and better shoppers for medical services. Utilizing a higher deductible plan, the monthly premium savings can fund the HSA which can then use before tax dollars for out of pocket medical costs.
This strategy can reduce high premiums for low plan utilization, provide tax benefits for the company and participants, and allow more informed healthcare decisions.
Posted in Employee Benefits, News | No Comments »
June 9th, 2010
With the current hysteria surrounding health care reform, it is important to note that the cost of healthcare is where the underlying need for reform exists. This significant issue for businesses, employees, and health insurers is continuing to grow. In 2008 alone, national spending on health care reached $2.3 Trillion dollars. There is not a single cause of the amazing growth in cost for health care, many factors come into play.
Treatment costs:
- 51% of the growth in health care spending is driven by medical price inflation.
- Doctors in the U.S. earn two to three times as much as other industrialized nations.
- Physicians a tending to become specialists, which can charge up to twice a much.
- Compensation for doctors in the ten year period between 1997 and 2006 has increased for some specialists as much as 97%.
- Medical technology improvements contribution to health care spending growth ranges between 38% to 65%
Prescription drug costs and utilization:
- Prescription drug prices, between 1997 and 2007, grew on average two-and-a-half times the rate of inflation.
- Specialty drugs are expensive; a new cancer drug can cost $100,000 or more per treatment cycle.
- Half of all adults in the U.S. take at least one drug a day.
- 7% of all adults in the U.S. take at least 5 drugs a day.
- Two thirds of people who go to a doctor’s office leave with a prescription.
Cost Shifting:
- Government programs, such as Medicaid, SCHIP, and Medicare, pay physicians and hospitals lower rates than private insurers.
- Providers adjust the prices charged to insurers to offset losses from partial or non-payers.
- Cost shifting represents 15% of the amount spent by commercial payers to hospitals and physicians.
Posted in News | No Comments »
February 10th, 2010
Many people find out too late they are at risk for flooding, and even worse, that their property insurance does not cover flood damage. In fact, according to the National Flood Insurance Program, flooding occurs in every state and 25% of all floods occur in low-to-moderate risk areas.
IQ Risk can offer you access to the National Flood Insurance Program, one of the largest providers of flood insurance in the country.
Flood Insurance Offers You:
- Building Coverage. Covers damage to your dwelling and items such as the furnace and water heater.
- Contents Coverage. Covers your furniture, rugs, appliances, and clothing (subject to limitations in basement areas).
- Property Protection. Pays for sandbagging and other expenses for preventing flood damage.
- Clean-Up Reimbursement. Covers costs of cleaning your home and removing debris after a flood.
Posted in Commercial Insurance, Personal Insurance | No Comments »
February 10th, 2010
While, overall, immigrants have a higher uninsured rate and face greater access barriers relative to U.S.-born residents, the findings in a June 2009 report from the Kaiser Commission on Medicaid and the Uninsured, suggest that many immigrants eventually gain insurance and improved access to health care as they acquire language and job skills, improve their economic situation, and become more familiar with the U.S. health care system. Recent immigrants are most at risk for lacking coverage and facing access problems. As such, addressing the coverage and access barriers facing recent immigrants will be key to any effort to reduce overall disparities between immigrants and U.S.-born residents.
Posted in Employee Benefits | No Comments »
February 10th, 2010
All employer group health insurance policies are not the same. Health insurance is issued differently for different types of employers because insurance is regulated at the state level. The laws about how coverage can be issued to large groups, 51 or more employees, are different than for small groups, 50 or less. Premium rates are also determined differently for different types of businesses. Because of the state level regulation rates and premiums can vary widely on a state-by-state basis.
Posted in Employee Benefits | No Comments »
February 10th, 2010
Do you know the differences between the 401(k) profit sharing plan varieties? Generally Traditional, Safe Harbor, and SIMPLE 401(k) plans differ in the way employee deferrals and employer matching work together to provide to benefits to the participants. Knowing which plan is right for you and your company takes into account a number of different factors; how much do you want to defer, how much the employee wants to defer, and what proportionate levels are appropriate for each class of employee.
Posted in Commercial Insurance | No Comments »
February 10th, 2010
The future success or your business may heavily rely on a key employee that contributes to the business in a variety of ways. How do you keep these employees committed? An executive bonus plan can use deductible business dollars to fund an individually owned owner or key employee life insurance policy. The employee controls the policy, including cash values, which can be used for supplemental retirement income or to provide an income-tax free death benefit.
Posted in Employee Benefits | No Comments »
