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Employee Benefits

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3 ways to minimize the soaring expense of benefits for you and your employees

1. Are all of your plans up to date?

Have you adjusted copays and deductibles to reflect inflation and the competitive marketplace? If not, you’re probably taking on a greater share of employee health expenses with each passing year. Adjust your copays accordingly.

2. Are you offering a plan with not enough providers?

The more doctors in your provider network the better in network coverage for you and your employees that more cost savings. Doctors and Hospitals in networks have negotiated lower rates that they may charge and will be reimbursed up to that limit.

3. What do your employees think?

Schedule a focus group or survey so employees can give their input on the strengths and shortcomings of their current coverage. The results may surprise you and give you the go green light to increase deductibles, copays or drop coverage that nobody uses.

Don’t wait until your scheduled renewal time, do it now and start saving money next month. I am the local agent here to help you make the right choice for you, your business and your family. Give us a chance to quote on your Health Insurance plan! Take a minute to call us (847-885-4188) or fax us (866-344-4339) a completed census form. Then we will provide you with a FREE, no obligation quote. You can also visit us online.

Ronald J. Filian
Alliance Employee Benefits
Your Business Health Insurance Advisors
Individual plans available at:
www.HealthMedicalPlans.com
BusinessBroker@aol.com
847-885-4188 IL.
866-344-4339 Toll Free Fax

PS: Don't keep us a secret mention our website when someone you know is shopping for Health Insurance.

IL COBRA

With the high costs of medical care, maintaining health coverage is very important to most individuals and families. Illinois law does not require employers to provide health benefits for their employees or their families. However, if you are covered by an employer's health benefits, loss of coverage can be devastating.

State and federal laws give certain employees, spouses and dependent children the right to continue employer-sponsored health benefits at group rates if they lose their benefits because of specific “qualifying events.” The type of qualifying event determines who is qualified for continued coverage and for how long.

This fact sheet provides specific information on the federal continuation requirements under COBRA , the Consolidated Omnibus Budget Reconciliation Act, and compares its basic provisions to three other continuation laws: the Illinois Continuation Law, the Illinois Spousal Continuation Law and the Illinois Dependent Child Continuation Law . The chart at the bottom of this fact sheet provides a comparison of the laws pertaining to continuation of health benefits.

Under all four laws:

• The employer or plan administrator must notify you of your right to continue your health benefits when certain qualifying events have occurred. If both the state and federal laws apply to your situation, the employer or plan administrator must offer you both options. You must choose one or the other option.

NOTE: In some cases, the spouse, former spouse, dependent child or guardian must notify the employer and/or insurer that a qualifying event has occurred, such as divorce from or death of the covered employee or attainment of the limiting age by the dependent child. If you don't give proper notification, your continuation rights may be lost.

• Once you are offered continuation, you must elect to continue coverage within a certain time period, called the election period. If you don't tell the employer you want to continue coverage before the election period expires, you may lose your right to continue coverage. If you have the option of either the state or federal continuations, once you make your choice, you can't change your decision if the election period has expired.

• Coverage will continue for the maximum amount of time required by law. However, coverage may end earlier in some cases, such as when the beneficiary becomes eligible for Medicare, or if the employer no longer offers any group health insurance benefits for employees.

• You must pay the entire premium for the coverage, including the part you used to pay as well as the part the employer paid before the qualifying event. In addition, you may also be required to pay an administrative fee under certain circumstances for COBRA and Spousal Continuation.

Your group insurance certificate, evidence of coverage or benefit plan summary booklet explains your options and responsibilities in detail. You should read the information now. Don't wait until you need your continuation rights.

Qualifying Event	Who May Elect COBRA	Maximum Coverage Period
Termination of Employment or reduction of hours	Employee and/or covered dependents	18 months
Disability of employee or covered family member at time of COBRA election or within 60 days after election	Employee and/or covered dependents	29 months
Divorce or legal separation	Spouse and/or dependent children	36 months
Death of employee	Spouse and/or dependent children	36 months
Entitlement to Medicare by covered employee before a qualifying event	Spouse and/or dependent children	36 months after date of entitlement to Medicare OR 18 months (29 months if there is a disability extension) after the covered employee's employment terminates or his hours are reduced.
Loss of dependent child status	Dependent child	36 months

To contact Ron Filian email him at Ron@GroupHealthInsure.com or toll free at 866-674-0377.

Ronald J. Filian
Alliance Employee Benefits
Your Business Health Insurance Advisors
www.GroupHealthInsure.com
Individual plans available at:
www.HealthMedicalPlans.com
BusinessBroker@aol.com
847-885-4188 IL.
847-814-8820 Cell
866-344-4339 Toll Free Fax

PS: Don't keep us a secret mention our website www.GroupHealthInsure.com when someone you know is shopping for Health Insurance.

What is a health medical plan deductible?

A deductible is a specific dollar amount that your health insurance company requires that you pay out of your pocket each year before the health insurance company begins to make payments for claims. As an exception, not all health medical plans have a deductible such as an HMO or a zero dollar deductible plan. However, most PPO and Indemnity plans typically do require a deductible in their plans to keep premiums affordable.

The deductible is an annual amount per insured person; there will be a maximum amount of deductibles you will have to pay in a given year. In regards to family coverage in health medical plans, your family will have an out of pocket expense by an amount of two to three times your individual deductible to satisfy first before the health insurance company pays for your claims.

For example, if the per person deductible is $1000, and you have four people in your family covered under your health insurance, the maximum family deductible will usually be $3000. Once the people in your family have paid out a $3000 deductible, no more deductibles will apply to any member of the family for the remainder of the year.

The insurance company does have a maximum of per person deductibles per policy. This can very with each policy and company is different regarding their maximum deductible and out of pocket maximum. In some health medical plans the deductible does apply to the maximum of pocket, and in other polices it is consider separate from the annual maximum out of pocket. Please be sure to read the specifics of your policy with your health medical plans company.

Health insurance deductibles can vary and will be effect your insurance premiums. By adjusting your health medical plan deductible you premiums will either increase or decrease. Typically if you increase your deductible you will lower your premium. New High Deductible Health Plans can save you and your family premium dollars over time.

The federal government regulates the detail High Deductible Health Plans limits each year. In the year 2008, the minimum deductible amount for a High Deductible Health Plan is $1,100 for individual only coverage and $2,200 for family coverage. In addition, the maximum out-of-pocket amount for individual only coverage is $5,600 and $11,200 for families. A high deductible health plan typically offers a higher deductible in return for generally lower premiums. For more detail, please contact your health medical plans broker.

A great place to start your free search and compare plans from multiple carriers is HealthMedicalPlans.com, which provides detailed information about finding individual affordable health insurance and family health insurance. To contact Ron Filian email him at Ron@HealthMedicalPlans.com or toll free at 866-674-0377.

Ronald J. Filian
Alliance Employee Benefits
Your Business Health Insurance Advisors
www.GroupHealthInsure.com
Individual plans available at:
www.HealthMedicalPlans.com
BusinessBroker@aol.com
847-885-4188 IL.
847-814-8820 Cell
866-344-4339 Toll Free Fax

PS: Don't keep us a secret mention our website www.GroupHealthInsure.com when someone you know is shopping for Health Insurance.

What is a Health Savings Account (“HSA”)?

A Health Savings Account is a tax-advantaged addition to your traditional health insurance plan. It is the savings product that offers a different way for consumers to save and pay for their health care costs. HSA enable you to pay for current qualified medical expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

In order to qualify for the HSA account you must first be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account.

One of the best benefits is that you own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You deposit money in your HSA, where it earns interest tax-free. Funds are not taxed when withdrawn for qualified medical expenses. You will also decide what types of investments to make with the money in the account in order to make it grow.

Health Savings Accounts allow you to legally avoid federal income tax by depositing 100% of the health plan's deductible, up to $2,900 for singles or $5,800 for families, into your Health Savings Account. Whatever you deposit into your account up to April 15, 2009 is an "above the line" tax deduction for your 2008 taxes, meaning you get a federal income tax deduction for money you put in even if you take the standard deduction and don’t itemize deductions. If your employer makes a Health Savings Account contribution for you, it is “excluded” from income, and not subject to any income tax or FICA. Either way, this will immediately reduce your federal income tax due for the year. Most states also allow you to take a state income tax deduction for HSA contributions.

What is a (copayment) copay in Health Medical Plans?

The copay is a flat payment that is the responsibility of you the patient that is assessed per event or visit. Each insurance company has different level of copays and your Doctor office staff will advise you at your time of the visitation what you’re out of pocket charges are for that visit. The medical office staff will submit the remainder of the bill to your insurance company as long as you are with an in network provider.

Some health medical plans also have separate copays for emergency room visits, lab testing, chiropractor visits and specialists. Read your health medical plans coverage of benefits booklet for more specifics on your plan prior to seeking medical attention. Your medical ID card issued by your insurance company also has your copays printed on them for ease of use and for the easy read for the Doctors office staff.

Copayment is the amount of money paid by you at the time of service for certain medical services and prescription drugs; these can range from $10 to $50 depending on your health medical plans. Copays do not apply to deductibles or out-of-pocket maximums. Health medical plans copays cover the office visit and preventive care when using in network providers and depend on whether the doctor is a general care physician or a specialist.

Example of how a copay might work in Health Medical Plans:

You, the patient visit the doctor for a cold. You pay a $20 copay at the time of visit.
The Doctor office bills the insurance company $100 for the negotiated price of the visit. Because the Doctor is contracted "in-network", the insurance company only allows $100 to be charged for the office visit. Since $20 has already been paid by you the patient, they send a payment to the Doctor of the remaining balance due of $80.

If your health medical plans have a pharmacy (drug) card you may also have copays included with that benefit. These copays can have multiple tiers depending on the drug prescribed and how the insurance company has classified them. There is typically generic level; brand name (formulary) level and a brand name (non-formulary) level each at different copays.

To help save on your health medical plans premiums, you can adjust your copays higher or lower. The higher your copays the lower your insurance premium will be. It is best to see how you and your family utilize your health medical plans prior to making any changes to your plan design. Most families with young children find it beneficial to keep their copays low as they most often use them for children annual exams and often times many colds during the year. If your children are older and don’t visit the Doctors office regularly it may pay itself in savings to raise your copays to a higher level.

Protecting the most Valuable Asset in a Business

Key Person Insurance is insurance to protect the business from the economic costs associated with the loss of a business owner, partner or key employees (i.e. sales manager, plant manager, chief financial officer). The company will incur financial losses upon your death; by purchasing inexpensive life insurance you will strengthen the company’s cash position. For business owners, this can be combined with the coverage to fund a buy/sell agreement. Key Person insurance is important in many ways.

Many times a bank will want an acceleration clause in the loan covenant that would require repayment of its outstanding credit line immediately should a key employee die or become disabled.

Permanent insurance coverage has a lot going for it: potential tax-deferred growth inside the policy, tax-preferred access to policy values if needed to fund a non qualified retirement benefit, and income tax-free death benefit to the corporation.

The life insurance cash value also can secure ongoing capitalization needs for the business. Banks and other creditors would be happy to see the cash value on the balance sheet because those values can be borrowed without loan underwriting if there’s a cash flow crunch.

If a key employee stays with the company for a long time, the policy could be used as a golden handcuff and be given to the employees as a retirement bonus. We will address this in a future article.

Additionally, if the employer has bonus some company stock to the key employee in the past the employer can buy it back by transferring the policy as partial payment for the company stock or use its cash value.

When determining your Key Person Insurance needs, be sure to consider any costs, expenses or liabilities related to your business and how they will be handled. By providing this protection you business will have funds available when creditors are due their full payment or to replace key employees. We can advise you how much life insurance coverage you may need. Purchasing Key Person life insurance is only one-way to protecting your most valuable asset in a business.

To contact Ron Filian email him at Ron@GroupHealthInsure.com or toll free at 866-674-0377.

Ronald J. Filian
Alliance Employee Benefits
Your Business Health Insurance Advisors
www.GroupHealthInsure.com
Individual plans available at:
www.HealthMedicalPlans.com
BusinessBroker@aol.com
847-885-4188 IL.
847-814-8820 Cell
866-344-4339 Toll Free Fax

PS: Don't keep us a secret mention our website www.GroupHealthInsure.com when someone you know is shopping for Health Insurance.

Insurance You Don’t Have To Die To Use!

The average Business Owner cannot afford the individual policy approach. Now Four separate premiums become One combined solution. A Competitive Indexed Universal Life Product that has a Focus on Living Benefits and an Index Product Innovation.

Life Insurance, money for your family or business buy out.
Disability Income, money to help pay your bills or key employees salary.
Retirement Income, money for a secure retirement a supplemental bonus plan.
Living Benefits, money for critical or terminal illness.

Call us today to schedule a confidential meeting and let us put together a plan for you, your family and your business needs. Plan today and be prepared for tomorrow.

To contact Ron Filian email him at Ron@GroupHealthInsure.com or toll free at 866-674-0377.

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