R&R Insurance Blog

April 30^th was the deadline for the Wisconsin health insurers to motion if they will join the exchange. While Gov. Scott Walker rejected a state run exchange, insurers still needed to file their plan designs for the federally run exchange. However, information on their plan designs and rates will not be released by the Office of Commissioner of Insurance until July. With enrollment for the exchange scheduled to start in October for January 1, 2014 renewals; this information is essential to companies considering whether to continue offering medical benefits or to send their employees to the exchange.

Companies with 50+ employees are those mainly looking toward the exchange. The penalty for not providing health insurance is $2000-$3000 per employee per year; much less than paying for health insurance with double-digit increases on the horizon.

Reasons for the high premiums may be because of the following inclusions:

• High risk profiles for those in the exchange that other insurers won't cover.
  • Pre-existing conditions
  • Members in the Wisconsin Health Insurance Risk-Sharing Plan (HIRSP)
• New limit on ratings based on age.
  • Instant hike rates for people younger than 50

Wisconsin Business; for more information regarding R&R’s Play or Pay calculator; contact Jane Shevey.

Claim analytics reports can target high risk claims and provide ideas to lower health care costs. The average employer will pay an additional $3000-$4000 annually per risk per employee, so it is important that a company works with an insurance agent to strategize on the following:

• Isolate problem areas
• Customize a wellness program to focus on prevention and high risk reduction
• Educate employees on the effects of a negative lifestyle
• Capture premium savings by making plan changes

WellCompForLife is R&R's stretigic method to controling health care costs. For more information, contact Knowledge Broker Laura Stehno today.

Obtaining claims analytics reports and identifying areas of concern shown in the claims history can easily be done by your insurance angent. Insurance agents are the key to guiding large employers on the best approaches for their company and develop cost-savings options. Using analytical tools, such as a benchmark, will also help a company see how their plan matches up in their industry and size.

R&R's stretigic method to controling health care costs is WellCompForLife. Contact a R&R Knowledge Broker today to develop your cost-saving options.

Collecting claims analytics reports and finding trends are the first steps to keeping your health care costs under control. But what comes next?:

• Engage employees to participate in a wellness program by offering incentives.
• Participate in a health risk assessment and receive a reduction in your monthly premiums.
• Provide educational programs on general nutrition, healthy eating and stress management.
• Work with Managers/Supervisors to increase their support and change the culture to motivate employees to participate.

R&R's stretigic method for controling health care costs is WellCompForLife. Wisconsin Businesses, for more information regarding R&R's WellCompForLife, contact Laura Stehno.

Evaluating claims analytics reports have become the solution for employers who are seeking ways to regain control of their rising health care costs. Rapidly rising health care costs have consumed company’s profits and loss statements. So employers should identify problem areas, implement wellness programs and make necessary plan changes.

What medical claims impact rising insurance costs? The most commonly seen medical claims fall into six major categories:

• Asthma
• Coronary heart disease
• Depression
• Diabetes
• High blood pressure
• Obesity

Wisconsin Businesses, for more information on ways to regain control of your rising health care costs; contact a R&R Knowlege Broker today.

A recent survey of insurers estimates that pemiums will almost triple for a 27 year-old man in 2014 as a result of the federal health reform law. Those in the health insurance industry would like to see those restrictions loosened making insurance more affordable for younger adults.

The facts: it costs six times as much to insure a 64 year-old than an 18 year-old. Simply tripling the insurance cost for an 18 year-old to help subsidize older individuals will be unaffordable and thus they will elect to be uninsured (not helping subsidize for the older age pool).

The Patient Protection and Affordable Care Act (PPACA) regulates the health insurance market in three ways:

1. All Americans must secure health coverage.
2. Because everyone must carry coverage, the law requires insurers to sell policies to whomever wants to buy them. There is also "guaranteed issue" meaning insurance carriers cannot deny coverage because of health status or history.
3. In an attempt to control the cost of coverage, there is "community rating": the law prevents insurers from charging older individuals more than three times what they charge younger individuals.

Providing a perspective from health insurance underwriters, Janet Trautwein, CEO of the National Association of Health Underwriters, has outlined the affects of health care reform: How to Help with Healthcare "Sticker Shock".

For questions on how PPACA affects the State of Wisconsin, please contact knowledgebroker & WAHU President Pete Frittitta.

When shopping for health insurance, businesses receive more advantages. Companies typically purchase insurance for an entire group thus giving more room for negotiating to keep costs down. This is a direct correlation as to why 63% of Americans were satisfied with coverage provided by their employer - it is affordable.

Today, the money an employer spends on health insurance is untaxed. So every dollar an employer spends, the employee receives a dollar's worth of benefits. However, individuals buying their own health insurance do not receive such tax breaks. They are paying for their own insurance AFTER taxes and NOT receiving a dollar's worth of benefits.

The Patient Protection and Affordable Care Act (PPACA) is starting to change the employer-paid coverage landscape. Providing a perspective from health insurance underwriters, Janet Trautwein, CEO of the National Association of Health Underwriters, has outlined the affects of health care reform: Preserving What Works: The Perks of Employer-Provided Coverage.

For questions on how PPACA affects the State of Wisconsin, please contact knowledgebroker & WAHU President Pete Frittitta.

Individual market claims costs, and in turn insurance costs, will soar as a result of Health Care Reform! Research sponsored by the Society of Actuaries predicts health care reform-driven changes in individual market composition could drive up underlying claims costs by an average of 32 percent nationally by 2017. The research also predicts high variability among states, with as many as 43 states experiencing a double-digit claims cost increase.

Check out what’s predicted for the Wisconsin individual market and in other states.

We welcome you to join in the conversation with our LinkedIN group dedicated to discussions for business owners on Obamacare: Strategies for Business To Survive. Read articles, download documents, join the conversation, and add your expertise!

ERISA is one of those areas of HR administration that is probably not high on the list of most HR practitioners' favorite things to do. And, honestly, many simply don't have enough people to spend sufficient time on plan issues. The Department of Labor has recently hired more than 1,000 new employees to - you guessed it - make sure you are in compliance!

An increased chance of an audit means that HR departments need to confirm these things:

• The people running the plan know the plan document inside and out
• Plan operations must be in compliance with the plan document
• The plan document must be in compliance with laws and regulations -- all required amendments must be made.

Ask yourself these questions:

1. Do you know if you offer ERISA health and welfare benefits to your employees?
2. Do you have an ERISA plan document?
3. Do you know what needs to be included in your ERISA plan document (known also as an ERISA wrap-document)?

Here's a link to the full article found in HREOnline.com. Should you have any questions regarding your ERISA compliance or anything regarding your health insurance or benefits packages, please contact knowledgebroker Jane Shevey.

We've started a new group on LinkedIn to conglomerate all the information we have been publishing on Obamacare. As well, we will give pointers for business owners to survive the exchange nightmare, keep employees happy, continually offer great benefits for recruitment talent and most importantly for everyone's sake - keep your profit!

Please join our LinkedIn group : Strategies for Business to Survive Obamacare. Read the discussions, download our materials and share with your fellow business owners. We are all in the same boat, and we are glad to help!

Obamacare: Strategies for Business to Survive

One thing's for sure - you have to have a strategy. We will share strategies for controlling the cost of health care insurance + ways businesses can take control of their profits and take care of their employees. You'll be surprised at what some of the options really are - and the control you still have!

http://www.linkedin.com/groups?gid=4907076

Click the link, log in and join the conversation………add your expertise!